9fin Featured Content

SGL TransGroup 07/02/2023

TLDR: SGL TransGroup has committed to setting science-based climate targets but has not yet addressed reducing marine transport emissions. It self-reports as being at low risk of climate change impacts across the short, medium and long-term. Its cyber security measures are in line with good practice, and its employee injury rate is better than comparable peers.

INEOS - UPDATE 08/02/2023

TLDR: Since 9fin’s previous QuickTake for INEOS in October of 2022, the chemicals company admitted its involvement, along with industry peers, in a purchasing cartel regarding an input material. There has also been investor and stakeholder concern over ‘forever chemicals’ produced by the chemical industry, including INEOS. The company recently received €3.5bn of funding for ‘Project One’ — which will use green hydrogen as a power source, and is claimed by INEOS to be the greenest cracker in Europe

Nouryon 08/02/2023

TLDR: Nouryon does not have science-based climate targets like its competitors. It may be affected by proposed European Union anti-deforestation legislation in the future and it was fined by the US Environmental Protection Agency in 2019 for violating the Clean Air Act.

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News Stories

EU should simplify approvals for green investments, says steel executive (09/02/2023)

The CFO of HY company ArcelorMittal said that the EU needs to match the new Inflation Reduction Act (IRA) in offering incentives and smoothing the process for green investments. ArcelorMittal has approval and commitments from EU member states to invest in its strategy to cut emissions, but the EU has not yet ratified the plans. The EU plans to meet this week to discuss its response to the US legislation.

EU deforestation law triggers ire of its trading partners (05/02/2023)

Indonesia and Malaysia — two of the world’s largest palm oil producers — have criticised the European Union for its proposed anti-deforestation legislation. The nations claim that the law is a protectionist manoeuvre to block market access. The proposal would require companies to certify their goods to prove they were not produced on land deforested after 2020.

Denmark awards first CO2 storage licences in the North Sea (06/02/2023)

The climate and energy ministry of Denmark granted licenses to three companies to develop carbon capture and storage (CCAS) facilities in the North Sea. Wintershall Dea, INEOS Energy and TotalEnergies were granted licenses to store carbon in depleted oil fields. Denmark sees CCAS technology as vital to reach its net zero emissions goal for 2045.

TransUnion Sued Over 2022 Data Breach Affecting 200 Million (09/02/2022)

High yield consumer credit ratings and analytics provider TransUnion is being sued in a class action lawsuit in California. The suit focuses on the inadequacy of its cyber security processes in the face of a data breach that exposed the personal data of up to 200 people. Claims include failing to train its staff adequately, encrypt information or arrange suitable security measures.

Anti-ESG bill could cut Indiana pension returns by $6.7 bln -analysis (07/02/2023)

A proposed bill in Indiana would mandate its public pension fund to divest from investment firms and funds that use ESG investing. Analysis has predicted that the bill could cut the annual return on Indiana Pensioner’s investments by between 6.25% and 5.05%, and may cost an additional $550,000 in administrative costs. This proposal is part of a wider trend of Republican lawmakers attempting to restrict or delegitimise ESG practices.