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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.

ESG within LevFin — Insights from issuer data vol. 3 (9fin) (14 Dec)

In 9fin’s latest ESG data insights report, we build on our previous reports (vol. 2, vol. 1) and draw on new data insights gleaned from our ESG database. We analyse LevFin companies’ general preparedness for incoming reporting requirements; the EU deforestation regulation, the Corporate Sustainability Reporting Directive (CSRD) and the SFDR are all entering into force in 2024. In particular, we take a deeper look into companies that have a higher exposure to nature-related risks and analyse whether they are reporting key biodiversity metrics. We also look into whether companies are on track to meet the external assurance requirements of the CSRD.

Enviva, Inclusive, and the demise of ESG in America (9fin) (14 Dec) 

9fin’s latest feature piece discusses the decline of the ESG movement in the US through the stories of the collapse of Enviva and Inclusive Capital. 

Seqens to close Newburyport facility after Methuen man's death (28 Nov)

Seqens announced its decision to close Newburyport facility after a Methuen man was killed in a powerful explosion at the Newburyport pharmaceutical plant on 4 May this year. Seqens’ factories have been cited by the OSHA for violations of workplace safety rules and by the Environmental Protection Agency (EPA) for alleged violations of hazardous waste laws in the past. EPA notes that the Newburyport plant generates hazardous wastes such as toluene, methylene chloride, acetone, and methanol. Seqens reached a settlement agreement with EPA in 2019 in which it agreed to buy and operate a system to monitor emissions of hazardous wastes.

Nations strike deal at COP28 to transition away from fossil fuels (13 Dec)

Representatives from nearly 200 countries agreed at COP28 to begin reducing the global consumption of fossil fuels, representing the first global agreement that explicitly calls for moving away from non-renewable energy sources. The deal calls for achieving this in a ‘just, orderly, and equitable manner’ and to achieve science-based net zero by 2050. The deal also calls for a tripling of renewable energy capacity globally by 2030 and accelerating technologies such as carbon capture, utilisation, and storage. 

COP28: Controversial REDD+ study called into question (12 Dec)

A controversial study, which found 94% of REDD+ credits ‘worthless’, has been called into question by new research. Scientists are calling for the original study to be retracted or “majorly revised”. The new research claims that in the original analysis, there were ‘major flaws’ and methodological errors in the comparison sites chosen and global deforestation datasets used. The carbon benefits of the projects were also incorrectly calculated. The original study had sparked investor fears over illegitimate credits and led to a fall in both the demand and price of credits. Verra had certified the credits involved and was accused of approving worthless offsets. 

UAE holds mass trial as it steps up crackdown on dissent during COP28 (12 Dec)

The United Arab Emirates has brought terrorism charges against dozens of imprisoned activists, according to rights groups, as the country cracks down on dissent while at the same time hosting the UN COP28 climate summit in Dubai. 87 Emiratis were accused of setting up or supporting and financing a terrorist organisation. The overseas advocacy group highlighted its concerns about the apparent fabrication of charges which carry severe penalties, including the death sentence and life imprisonment.

UK to introduce carbon levy on imports by 2027 (18 Dec)

Imports of iron, steel, ceramics, cement, and other goods from countries with weaker climate regulations than Britain will be subject to a levy. This is to ensure that carbon intensive products from abroad face a comparable carbon price to those produced in the UK. The EU is introducing its own carbon tax in 2026 and the UK hopes to match this by 2027. The scheme encourages manufacturers to cut emissions but also hopes to ensure that UK manufacturers are not undercut by rivals with higher carbon emissions. However, the UK might become a dumping ground for carbon-intensive goods in 2026 due to its later adoption of the scheme. 

Financial institutions partially exempt from supply chain due diligence under 'milestone' rules (14 Dec)

Financial institutions will be exempt from carrying out environmental and social due diligence of companies in their supply chains under newly agreed EU rules. This decision marked a victory for lobbyists who highlighted that it would add disproportionate costs and expose institutions to legal claims. However, financial institutions will be required to implement 1.5°C-aligned net zero transition plans and mitigate negative impact on human rights and the environment in their own operations, in rules described as a “huge milestone” by the member of European Parliament responsible for the Corporate Sustainability Due Diligence Directive (CSDDD).

ICMA publishes ESG ratings and data code of conduct (14 Dec)

The International Capital Market Association (ICMA) has published a voluntary ‘code of conduct’ for ESG ratings and data products. The final version of the code aims to unite best practice among providers of these products. It includes principles on good governance, systems and controls for ensuring quality of products, managing conflicts of interest, transparency, confidentiality and engagement with users of products. It was designed to align with recommendations by the International Organization of Securities Commissions.

TNFD forming working group on nature in transition plans (14 Dec)

The Taskforce on Nature-related Financial Disclosures (TNFD) is forming a working group to explore incorporating nature into transition plans. Interest in nature’s role in transition plans has been growing over the past year. In November, the UK’s Transition Plan Taskforce (TPT) published its final disclosure framework for climate transition plans, which included advice on incorporating nature. GFANZ also announced plans to start work on incorporating nature into financial institutions’ transition plans. The TNFD working group is due to be convened in January.

ESG wrap — Historic agreement at COP28, America’s ESG identity crisis

Michelle D'Souza

European CLO primary wrap — Barings and BNP Paribas break through mid-market CLO barriers

Will Caiger-Smith

Max Frumes

VistaJet works up new pref deal to smooth financing runway

David Bell

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US LevFin Wrap — New Trump trades and riskier deals hit US credit markets

Alessia Argentieri

Winding Up — Hot refi market for speculative grade credit pushes out short term maturity walls

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ESG wrap — Historic agreement at COP28, America’s ESG identity crisis

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European CLO primary wrap — Barings and BNP Paribas break through mid-market CLO barriers

VistaJet works up new pref deal to smooth financing runway

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Winding Up — Hot refi market for speculative grade credit pushes out short term maturity walls

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