9fin Featured Content

Carbon markets part 1 — How to assess carbon offsets (9fin Educational) (25/04/2023)

The first of a two-part educational series on carbon offsets. 9fin examines the credibility of carbon offsets traded on voluntary markets and provides insights into how to recognise best practices for LevFin issuers

Grünenthal — ESG QuickTake — UPDATE (27/04/2023)

This is a follow-up to the previous QuickTake on the pharmaceutical company, published on 17 April 2023. 9fin engaged with Grünenthal and provided an update with new information.

Bormioli Pharma — ESG QuickTake (24/04/2023)

Bormioli Pharma has environmental targets but still derives most of its revenue from plastic packaging. It has good gender diversity targets, monitors the ESG credentials of suppliers and has good data protection processes.

Loxam — ESG QuickTake — UPDATE (24/04/2023)

This is an update on Loxam’s ESG performance following 9fin’s previous QuickTake published in February 2022. Loxam’s environmental actions are ahead of competitors and its gender diversity aligns with competitors. From 2019 to 2022 it improved health and safety metrics.

Benteler International — ESG QuickTake (24/04/2023)

German auto parts supplier Benteler is in-line with peers on greenhouse gas (GHG) target-setting. Various clients have been involved in emissions-cheating scandals and Benteler is involved in several legal cases involving product recalls.

Cheplapharm Arzneimittel — ESG QuickTake (24/04/2023)

The pharma company has limited environmental disclosures — with no emissions data or targets related to water, waste or energy. It generated 5.3% of its revenue in Russia in the financial year ended December 31, 2022 and has a Russian subsidiary that could be subject to sanctions.

If you are not a 9fin client, you can request our QuickTake package for any of the latest deals above here Grünenthal, Bormioli Pharma, Loxam, Benteler & Cheplapharm Arzneimittel

HY Company News

Drax faces probe over sustainable biomass claims (26/04/2023)

Ofgem has commissioned a probe into Drax's compliance with sustainability rules following a BBC documentary. A third-party consulting group Black and Veatch, has been commissioned to do an additional audit. 9fin contacted the Financial Times who broke the story and were told the existence of this probe came to light through a Freedom of Information request. 

News Stories

UK cross-party group’s ESG definition misses the mark, say investors (26/04/2023)

The UK's All-Party Parliamentary Group on ESG has called on the government to launch an ESG strategy to aggregate existing frameworks, standards and disclosures. The paper calling for a holistic approach to sustainability was accepted by investors, but its definition of ESG as “non-financial criteria” was criticised.

Regulatory Round-up

EU adopts “biggest climate protection law of all time” (27/04/2023)

The European Council has adopted five laws as part of the 'Fit for 55' package, which aims to reduce emissions by 55% by 2030 and achieve climate neutrality by 2050. The laws voted on were the ETS (emissions trading scheme) Directive, the MRV (carbon monitoring, reporting and verification) shipping Regulation, the ETS Aviation Directive, the Regulation establishing a Social Climate Fund and the Regulation Establishing a Carbon Border Adjustment Mechanism

Government to outline shake-up of UK gambling industry (27/04/2023)

The UK government will recommend setting a levy on gambling operators and introducing stake limits on online casino games. Gamblers under 25 will be limited to £2 bets, and older gamblers will face a £15 cap. Online gamblers could also face tighter financial affordability checks.

EU agrees binding green fuel targets for aviation (26/04/2023)

The European Union has decided to set binding objectives for European airlines to expand their use of sustainable aviation fuels. Fuel suppliers must ensure that 2% of fuel made available at EU airports is sustainable in 2025, rising to 6% in 2030, 20% in 2035 and then 70% in 2050.

Key vote puts EU closer to passing sustainability due diligence directive (25/04/2023)

The European Parliament's Committee on legal affairs voted in favour of the Corporate Sustainability Due Diligence Directive (CSDDD), which will impose due diligence requirements for companies and some financial institutions. Negotiations with the council of member states will begin on 1 June.