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This is the weekly ESG Wrap, which highlights Featured 9fin ESG content such as TLDRs for all deals, news stories that have interested the ESG team this week, and 9fin ESG product updates.

If you have questions related to this ESG Wrap please email us at ESG@9fin.com.

Ceva Santé Animal — ESG QuickTake (9fin) (18 Oct)

Ceva Santé Animal (CSA), the France-based animal health company, has not set emissions reduction targets, despite committing to set targets in 2021. Producing pharmaceuticals is water intensive and 30.4% of CSA’s production sites are located in areas of high, or extremely high baseline water stress. The Kiev School of Economics Institute reported that in 2021, CSA derived revenues from Russia and has not made an official announcement regarding any departures from the country. Gaps remain in CSA’s supply chain policy and its suppliers have been linked with animal rights abuses in the past.

Etraveli — ESG QuickTake (9fin) (18 Oct)

Etraveli, an online global flight platform, does not report emissions data or targets, unlike peers. Aviation is responsible for around 2.1% of global CO2 emissions and Etraveli’s business model is almost entirely to supply (and increase) air travel. Etraveli processes a large amount of personal data in its daily operations and is therefore exposed to data breaches and cyber security incidents. Etraveli did not identify any big breaches related to loss of personal data in 2022.

Permira aims to price ESG Euro CLO this week (9fin) (16 Oct)

Pemira is aiming to price Providus CLO IX through Jefferies, which would be the manager’s second European CLO of the year, according to marketing materials seen by 9fin. These indicate the deal contains ESG specific criteria in the documentation. The preliminary offering circular (OC) shows a raft of negative screening criteria, limiting the CLO from investing in companies with UNGC violations, for example. The OC also indicates the manager has agreed to use “commercially reasonable efforts” to provide a PASI statement, by the point at which the manager has determined the disclosure requirements of SFDR are in full force and effect.

Ford announces more layoffs after Kentucky strike (19 Oct)

Ford has fired around 150 workers in Michigan, following a recent United Auto Workers strike, bringing the total layoffs to 2,730 since the strike began in September. The move is likely to escalate tensions between the automaker and the union during ongoing negotiations. Last week, the UAW surprised Ford by issuing a strike at its Louisville, Kentucky facility, a big profit centre for the company. Despite Ford's offers of 20% raises and improved benefits, the union has demanded more concessions from Ford, General Motors, and Stellantis. The fired workers won't be eligible for financial assistance and will rely on strike funds.

Landlords sue WeWork for $250M over early SF office exit (18 Oct)

WeWork's move to abandon 250,000 square feet of office space in San Francisco may result in heavy financial repercussions. Landlords Kennedy Wilson and Takenaka have sued WeWork, alleging a lease breach at 430 California Street and claiming more than $250m in unpaid rent and future costs. WeWork signaled its intent to exit the office, while failing to pay rent and expenses for July and August. This lawsuit follows WeWork's recent announcement of its plan to renegotiate and exit multiple leases to shrink its network of locations due to financial challenges.

Antitrust fines four telephone companies over 200 million (16 Oct)

The Italian Antitrust authority has taken action against four telephone companies (TIM, Vodafone, Fastweb, and Wind Tre) for their involvement in a secret and restrictive agreement related to 4-week billing practices. The companies were accused of trying to maintain high prices and impede customer mobility, which hindered healthy competition in both fixed and mobile telephony markets. 

Green Fees Overtake Fossil Fuels for Second Straight Year (18 Oct)

According to data compiled by Bloomberg, banks are earning more from green-related projects than from fossil fuel companies for the second consecutive year. In 2023, they generated around $2.5bn from climate-focused financing, surpassing the $2.2bn earned from oil, gas, and coal companies. This is a big shift from 2020 when banks earned more from fossil fuels. However, BloombergNEF analysts have determined a four-to-one clean energy investment to fossil fuels ratio is needed by the end of the decade to combat climate change effectively.

Emissions Tied to Asset Owners’ Financing Activities Fall (17 Oct)

According to its latest annual progress report, the Net-Zero Asset Owner Alliance saw a 3.5% fall in total absolute financed greenhouse gas emissions. According to NZAOA Chair Günther Thallinger, the drop was primarily driven by pension funds and insurance companies encouraging companies to adopt transition plans and cut their carbon footprints, as well as by asset owners favouring allocations to companies with lower carbon intensity in high-pollution industries.

Top Issuer in $250 Billion ESG Bond Market Faces Trigger Event (20 Oct)

Enel SpA, holding close to $11bn in Sustainable Linked Bonds (SLBs), is unlikely to achieve its 2023 carbon emissions goal tied to its Sustainability Linked Debt. A CreditSights analysis published at the start of 2023 found that missing the target would cost Enel an extra €107m until the affected bonds mature, or €155m if Enel also ends up missing its 2024 target. Enel stated its failure would be due to delayed coal plant phaseouts caused by European energy policy changes.

ESMA to push ahead with ESG fund names guidelines but timeline unclear (19 Oct)

Plans to introduce formal guidance on ESG terms in fund names in the EU are still underway. An amendment to an existing directive (the Alternative Investment Fund Managers Directive (AIFMD) could present an opportunity for the European Securities and Markets Authority (ESMA) to tackle the issue. ESMA published draft proposals on names in November 2022, suggesting funds with ESG-related words would have to invest at least 80% of assets to environmental and/or social characteristics, or sustainability objectives. Those with sustainability-related terms should allocate at least half of their assets to sustainable investments as defined under the Sustainable Finance Disclosure Regulation (SFDR). Investors were generally supportive of ESMA’s proposals, but they sharply criticised timing, proposed thresholds and minimum exclusion criteria. 

EU backtracks on pledge to increase emissions reduction target (17 Oct)

EU environment ministers abandoned a plan to raise the bloc's greenhouse gas emissions reduction target from 55% to 57% by 2030 compared to 1990 levels, as several countries, including Poland, Hungary, and Italy, objected during prolonged negotiations over proposals the EU will present at COP28. Negotiations also included a debate over references to phase out “unabated” fossil fuels, that would allow members to continue burning fuels provided the emissions are captured, but the references were ultimately deleted from the text.

European Sustainability Reporting Standards (18 Oct)

The European Parliament voted on a cross-party motion to reject the proposed European Sustainability Reporting Standards (ESRS). The resolution for rejection did not gain a majority, meaning the ESRS remains set to come into force before the end of the year. Large companies will need to disclose relevant sustainability information for investors and financial market participants (see more information in 9fin’s Educational)

Banks in EU Get World’s First ESG Rewrite of Capital Rules (12 Oct)

The European Banking Authority is revising the minimum requirement of the framework that sets capital requirements. The revisions will force lenders to incorporate environmental risks into trading book risk budgets, internal trading limits and the creation of new products, while also ensuring external credit assessments integrate environmental and social factors.

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