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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.

IVC Evidensia — ESG QuickTake (9fin) (8 Nov)

TLDR: IVC, a UK based veterinary group, has undertaken some forward-looking climate scenario analysis, but there may be gaps in its approach. The group has set an SBTi-verified 1.5ºC-aligned near-term target and committed to setting a net zero target. IVC is involved in an ongoing investigation with the UK Competition and Markets Authority (CMA) surrounding its acquisition of eight companies between 2021 and 2022.

TLDR: Paprec’s green bond reporting is not aligned with good practice. Paprec has made big investments in waste-to-energy (WTE) incineration plants; the European Commission highlights that the construction of new waste incinerators is non-compliant with the EU taxonomy’s do no significant harm (DNSH) principle. In June 2022, Paprec’s founder was placed under formal investigation by the French judicial authorities for alleged anti-competitive practices, corruption, and misuse of corporate assets.

EG Group — ESG QuickTake (9fin) — UPDATE (6 Nov)

TLDR: EG Group’s emissions reduction targets are not SBTi-verified and only span its own operations. The group reports that a transition away from petrol and diesel has not yet materially impacted its forecourt operations, although fuel sales accounted for 80% of total revenue in 2022. Only 6.5% of EG Group’s energy comes from renewable sources. EG Group’s reporting is mainly in line with the oil and gas SASB standards. Deloitte resigned as auditor of EG Group in October 2020, which the FT reported was over governance concerns.

International Design Group — ESG QuickTake (9fin) (6 Nov)

TLDR: International Design Group (Design Group), an interior design group based in Italy, has not set any group-wide emissions reduction targets. The group reports achieving carbon neutrality in its own operations since 2020, but there are some potential shortfalls to its use of offsets. In 2021, Lumens (then doing business as YDesign), which forms part of the group, was served with a class action complaint from one former employee, which was settled for $910,000. Between 2021 and 2023, the Italian tax authority concluded that, in relation to fiscal years 2015, 2016, and 2017, another group company, Flos, allegedly committed some transfer-pricing violations.

Political pushback on UK’s green agenda (9fin) (13 Nov)

9fin’s latest feature outlines the UK’s emissions trajectory and performance, recent green policy reversals by Prime Minister Rishi Sunak, and presents our analysis of its implications for the high yield market in the UK.

Webinar replay — Nature risks a material consideration for lenders (9fin) (9 Nov)

9fin’s latest ESG webinar took a deep dive into the material financial impacts associated with nature loss. Host Jennifer Munnings was joined by Peter Elwin, director of fixed income at Planet Tracker, Zaneta Sedilekova, director at Climate Law Lab, and Charlotte Apps, sustainable investment analyst at Fidelity International. For the benefit of those who could not listen in, and for those who want to see and hear it again, find the full webinar here

9Questions — Coralie De Maesschalck, Kartesia — ESG in private credit (9fin) (10 Nov)

Coralie de Maesschalck heads the ESG team at Kartesia, helping European SMEs to integrate sustainability goals into their business, reduce emissions, and create lasting positive impact.

9fin caught up with Coralie on how Kartesia integrates ESG into its direct lending, the impact of European regulation, and how to overcome the data challenges inherent to ESG and private credit.

MGM Resorts hit with class action over September data breach (8 Nov)

A proposed federal class action alleges MGM Resorts International neglected the safeguarding of personal data belonging to both present and former customers, as well as members of its loyalty programme, during a data breach in September. The lawsuit claims MGM Resorts failed to encrypt or adequately protect sensitive information, warn class members about its inadequate security practices, secure its hardware against intrusions, or provide timely notice of the breach to affected people.

King’s Speech: UK government to double down on oil and gas expansion (7 Nov)

The King’s Speech solidified a fresh mandate requiring the UK government to host oil and gas licensing rounds annually. As long as the UK sustains a status as a net importer of oil and gas and keeps emissions from domestic production lower than those linked with imports, the rounds will persist annually.

Bankers seek legal cover after backing $1.5trn of ESG debt (5 Nov)

Bankers servicing Sustainability Linked Loans are requesting legal protections to shield against the potential greenwashing allegations that may emerge. According to Bloomberg’s source, Greg Brown, a partner in Allen & Overy’s banking practice, there has been an increase in client requests for new legal clauses in SLL documentation. The clauses are designed to allow lenders to remove the “sustainability” element from an SLL, classifying what had been an SLL as a normal loan, if they realise the loan no longer deserves a sustainability label.

Sustainable bond issuance on track to grow to $950bn in 2023, despite Q3 pullback: Moody’s (31 Oct)

Issuance volumes of green, social, sustainability and sustainability-linked (GSSS) bonds fell sharply in Q3 2023. However, Moody’s maintained its full year 2023 GSSS issuance forecast of $950bn, which would equate to 4% growth compared to 2022. The report predicted a return to growth in Q4 2023, driven in part by COP28-related initiatives.

UK to press ahead with carbon border tax in 2026 (13 Nov)

UK Chancellor Jeremy Hunt is considering implementing import taxes on goods with high carbon footprints from nations with lenient climate regulations starting in 2026, aligning with the EU's Carbon Border Adjustment Mechanism (CBAM). This proposal stems from earlier discussions on shielding industries from unfair competition due to varying carbon costs globally. The UK aims to introduce its CBAM programme in 2026, synchronising with the EU's initiative, to prevent becoming a haven for carbon-intensive products facing EU-imposed levies

UK set to unveil regulatory regime for ESG ratings industry (8 Nov)

The UK government is preparing to implement regulations on firms responsible for assessing the environmental, social, and governance (ESG) performance of companies. This reflects a broader international trend targeting the ESG ratings sector. The regulation is scheduled for potential introduction as early as January following a three-month consultation ending in June.

France restricts ESG fund labels to target fossil-fuel industry (7 Nov)

France has announced that, from March, funds will only be able to use its national ESG label if they blacklist fossil-fuel companies that are expanding production. According to French Finance Minister, Bruno Le Maire, excluding oil and gas companies with expansion plans is “essential” to fighting climate change.

ESG Wrap — IVC Evidensia’s climate targets vetted, Paprec’s not-so-green bond

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