9fin Featured Content

Telecom Italia – ESG QuickTake (9fin) 20/01/2023

TLDR: TIM Performs well from an environmental perspective with a high rate of renewable energy consumption. However, the group could do more to address post-consumer e-waste. TIM’s injury rate is higher than industry peers. Supplier audits flagged several non-conformities. The group has been and is involved in legal proceedings related to data security and competition violations

If you are not a client, you can request a copy of the Telecom Italia ESG QuickTake here.

Tereos – ESG QuickTake (9fin) 17/01/2023

TLDR: Tereos is likely to be partially reliant on the purchase of carbon credits to meet EU regulation. The group has robust emissions targets and a high rate of renewable energy consumption. The group performs poorly on gender diversity. Tereos is currently involved in a legal proceeding surrounding pollution.

If you are not a client you can request a copy of the Tereos ESG QuickTake here.

LimaCorporate – ESG QuickTake (9fin) 17/01/2023

TLDR: LimaCorporate offers limited environmental disclosure compared to peers. It has robust quality management practices in place, although there are shortfalls in its approach. LimaCorporate lacks diversity and inclusion metrics. In line with good practice, LimaCorporate’s code of ethics covers all UNGCs and is compliant with the Italian MedTech principles. Unlike competitors, LimaCorporate provides no publicly available information on its ethical marketing strategy and its cyber security approach lacks detail.

If you are not a client, you may request a copy of the LimaCorporate ESG QuickTake here.

How useful is the Science-Based Targets Initiative (9fin Educational) 17/01/2023

TLDR: In 9fin’s latest ESG Educational, we provide readers with an overview of the Science-Based Targets initiative (SBTi). The educational begins with a description of the SBTi and the process of setting a target through the SBTi. We then investigate the robustness of the SBTi target validation process and discuss what the future holds for the initiative

News Stories

Four countries urge EU to set end date for new CO2-emitting trucks (20/01/2023)

The Netherlands, Belgium, Denmark and Luxembourg have urged the European Union to fix a date by which new trucks and buses sold in Europe must have zero carbon dioxide emissions. The European Commission is set to propose tougher CO2 standards next month for heavy goods vehicles to comply with the bloc's climate change goals. Next month's EU proposal should set a 100% zero emissions target for heavy-duty vehicles, the four countries said

Insurers in talks on adding state-backed cyber to UK reinsurance scheme (20/01/2023)

Insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber-attacks, amid growing concern over holes in the safety net provided by the private sector. The surge in cyber-attacks is bringing increasing disruption to companies and infrastructure and has raised fears among industry chiefs that the threat will become “uninsurable”

S&P tips ESG bond issuance to return to $1tr in 2023 (18/01/2023)

S&P Global is tipping annual issuance of green, social, sustainability, and sustainability-linked bonds to return to $1trn in 2023. The firm has warned of the market and macroeconomic conditions reducing demand for ESG-labelled bonds but expected issuance to grow from $850m in November to up to $1trn

Republican state officials question proxy advisers ISS, Glass Lewis over ESG (18/01/2023)

On January 17th, Republican attorneys general from 21 US states wrote to proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis, asking whether the companies' voting recommendations on issues like climate and boardroom diversity violated duties to clients. They asked both firms by the end of January to answer questions such as how they determined "appropriate" emissions targets

Revealed: more than 90% of rainforest carbon offsets by biggest provider are worthless, analysis shows (18/01/2023)

According to an investigation by the Guardian and others on Vera, the world’s leading carbon offsets standard, its approved offsets are largely worthless and could make global warming worse. It was found that 90% of the company’s rainforest offset credits, which are used by Disney, Shell and Gucci, do not represent genuine carbon reductions

Companies parachute accountants in to fix flawed ESG data (18/01/2023) Accountants and auditors are zeroing in on assessing climate data as concerns mount that company disclosures fall short of regulatory requirements. In the US and Europe, regulators are finalising guidelines and rules for emissions reporting. As until recently emissions disclosure has been largely voluntary, companies are pulling staff from their finance departments to work on emissions data

EU makes green pitch to rival US subsidy splurge (17/01/2023)

The EU is preparing to challenge the US’s Inflation Reduction Act which has boosted green investment in the US, by loosening restrictions on subsidies in Europe and accelerating permits for new projects. At Davos this week, Ursula von der Leyen said that Brussels would temporarily water down state aid regulations and pump cash into strategic climate-friendly businesses

Surge in support for E&S proposals by European managers not matched by UK, US peers  (17/01/2023)

According to ShareAction, European investment managers increased support for environmental and social shareholder proposals by 12% in 2022, while the UK and the US stagnated. ShareAction noted how this improvement in Europe coincided with the strengthening of ESG reporting