Iva Yamakova’s Post

5 big news in the world of sustainability: 1. UBS Expands Shipping Loans Amidst Green Overhaul Post-Merger: UBS has announced plans to increase its lending to the shipping sector while phasing out loans to fossil fuel clients inherited from Credit Suisse. This move is part of UBS's broader strategy to integrate the sustainability frameworks of the merged banks and align its lending practices with its net-zero commitments. 2. UK's Greenhouse Gas Emissions Drop by 5.4% in 2023: The UK saw a significant reduction in greenhouse gas emissions, largely due to decreased gas use in electricity generation and heating. This decline supports the country's target of net-zero emissions by 2050, with major cuts observed in the electricity and industrial sectors. 4. SLB and Aker Carbon Capture Merge Carbon Capture Businesses: SLB (formerly Schlumberger) and Norway's Aker Carbon Capture are merging their carbon capture operations. This partnership aims to accelerate the deployment of carbon capture technologies, potentially reducing the costs and increasing the adoption of these solutions across high-emitting industries. 5. Hydrogen Industry Seeks Eased Path to US Tax Credits: Hydrogen companies are lobbying the US Treasury for relaxed environmental requirements to qualify for the 45V tax credit under the Inflation Reduction Act. Industry leaders argue that current requirements could hinder the growth of hydrogen projects, while some environmental groups support maintaining stringent standards. 6. Eneco Withdraws from Dutch Offshore Wind Farm Tender: Eneco has decided not to bid for a major 4 GW offshore wind farm in the Dutch North Sea due to rising costs and supply chain challenges. This withdrawal highlights the financial and logistical hurdles faced by large-scale renewable energy projects, prompting calls for a redesign of tender processes to better manage risks. #sustainability #esg #carbonfootprint #netzero

5 big news in the world of sustainability: 1. UBS Expands Shipping Loans Amidst Green Overhaul Post-Merger: UBS has announced plans to increase its lending to the shipping sector while phasing out loans to fossil fuel clients inherited from Credit Suisse. This move is part of UBS's broader strategy to integrate the sustainability frameworks of the merged banks and align its lending practices with its net-zero commitments. 2. UK's Greenhouse Gas Emissions Drop by 5.4% in 2023: The UK saw a significant reduction in greenhouse gas emissions, largely due to decreased gas use in electricity generation and heating. This decline supports the country's target of net-zero emissions by 2050, with major cuts observed in the electricity and industrial sectors. 4. SLB and Aker Carbon Capture Merge Carbon Capture Businesses: SLB (formerly Schlumberger) and Norway's Aker Carbon Capture are merging their carbon capture operations. This partnership aims to accelerate the deployment of carbon capture technologies, potentially reducing the costs and increasing the adoption of these solutions across high-emitting industries. 5. Hydrogen Industry Seeks Eased Path to US Tax Credits: Hydrogen companies are lobbying the US Treasury for relaxed environmental requirements to qualify for the 45V tax credit under the Inflation Reduction Act. Industry leaders argue that current requirements could hinder the growth of hydrogen projects, while some environmental groups support maintaining stringent standards. 6. Eneco Withdraws from Dutch Offshore Wind Farm Tender: Eneco has decided not to bid for a major 4 GW offshore wind farm in the Dutch North Sea due to rising costs and supply chain challenges. This withdrawal highlights the financial and logistical hurdles faced by large-scale renewable energy projects, prompting calls for a redesign of tender processes to better manage risks. Let me know if you find this post useful. Looking to make this a weekly series. Have a great week ahead! #sustainability #esg #carbonfootprint #netzero

Big news in the world of sustainability: 1. UBS Expands Shipping Loans Amidst Green Overhaul Post-Merger: UBS has announced plans to increase its lending to the shipping sector while phasing out loans to fossil fuel clients inherited from Credit Suisse. This move is part of UBS's broader strategy to integrate the sustainability frameworks of the merged banks and align its lending practices with its net-zero commitments. 2. UK's Greenhouse Gas Emissions Drop by 5.4% in 2023: The UK saw a significant reduction in greenhouse gas emissions, largely due to decreased gas use in electricity generation and heating. This decline supports the country's target of net-zero emissions by 2050, with major cuts observed in the electricity and industrial sectors. 4. SLB and Aker Carbon Capture Merge Carbon Capture Businesses: SLB (formerly Schlumberger) and Norway's Aker Carbon Capture are merging their carbon capture operations. This partnership aims to accelerate the deployment of carbon capture technologies, potentially reducing the costs and increasing the adoption of these solutions across high-emitting industries. 5. Hydrogen Industry Seeks Eased Path to US Tax Credits: Hydrogen companies are lobbying the US Treasury for relaxed environmental requirements to qualify for the 45V tax credit under the Inflation Reduction Act. Industry leaders argue that current requirements could hinder the growth of hydrogen projects, while some environmental groups support maintaining stringent standards. 6. Eneco Withdraws from Dutch Offshore Wind Farm Tender: Eneco has decided not to bid for a major 4 GW offshore wind farm in the Dutch North Sea due to rising costs and supply chain challenges. This withdrawal highlights the financial and logistical hurdles faced by large-scale renewable energy projects, prompting calls for a redesign of tender processes to better manage risks. #sustainability #esg #carbonfootprint #netzero

Financial products are increasingly being linked to sustainability key performance indicators - KPI's. Adoption and implementation of impactful ESG strategies, goals based methodologies to internationally recognised standards and frameworks offer the opportunity to unlock finance and business development opportunities. Aviva Investors & BNP Paribas complete first sustainability-linked transaction for Associated British Ports Associated British Ports (‘ABP’) announces it has completed a sustainability-linked interest rate swap repack transaction with Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and BNP Paribas. The 30-year Sterling Overnight Index Average (SONIA) linked interest rate swap transaction is believed to be the first SONIA-linked interest rate swap institutional repack transaction and the first institutional repack transaction to have sustainability-linked key performance indicators (KPIs) attached to it. The performance targets were subject to second party #verification by ISS Corporate Solutions, to ensure they were both sufficiently material and ambitious in nature, whilst also remaining aligned to Loan Market Association sustainability-linked loan principles. As part of the deal, a discount is offered to ABP on its hedging rate, provided that ABP meets certain #sustainability-linked #KPIs. These KPIs require ABP to achieve a significant reduction in its combined #Scope1 and #Scope2 emissions by 2030, building on the 36% reduction it has achieved in its absolute greenhouse gas emissions since 2014. Munawer Shafi, Head of Structured and Private Debt at Aviva Investors, said: “We are delighted to have completed this innovative transaction with ABP and BNP Paribas. It further demonstrates our ability to incorporate sustainability considerations into bespoke transactions, while continuing to deliver the desired economic outcomes for all parties, as well as attractive risk-adjusted returns for our clients. We are committed to deploying capital to where it is needed to help our clients achieve their #sustainability goals, and hope that this transaction will speed the adoption of #ESG-#linked transactions in the swap repack space.” Get in touch: - No obligation 60 minute Masterclass on 'ESG in Maritime'. - Explore how Blue ESG unlocks ESG opportunity for your business. Email: info@blue-esg.com Blue ESG - Maritime ESG Made Easy ---------------- Green Pays Off: $4 #Trillion Revenue Boost for Growth of ESG-Focused Businesses Source: International accounting bulletin --------------- #esg #esgreporting #esgstrategy #unlock #finance #opportunity #emissions #goalbased #scope1 #scope2 #scope3 https://lnkd.in/dki54GW

Investors and banks finance 'green' bond issued by world's biggest private coal developer. Adani Group sells first dollar bond since the Hindenburg Research report. The Toxic Bonds Network condemns the investors and banks that have facilitated and invested in the so-called ‘green’ bond issued by Adani Green Energy Ltd. This bond, tainted by allegations of greenwashing, related party transactions and serious governance concerns, marks a significant test for the international financial community – a test that many have failed, effectively endorsing a facade of sustainability while enabling the world’s biggest private coal developer to continue its expansion of fossil fuel projects. The withdrawal of investors and banks including Norges Bank Investment Management, KLP, Temasek, Zürcher Kantonalbank and Danske Bank since Hindenburg underscores a growing recognition within the financial community of the grave concerns surrounding Adani. Yet many investors and banks’ were willing to overlook the significant governance, legal, climate and financial risks. Barclays, DBS Bank, Deutsche Bank, Intesa Sanpaolo, Standard Chartered, Mizuho, MUFG, Sumitomo Mitsui Banking Corporation – SMBC Group, Societe Generale all endorsed Adani's misdeeds by underwriting this bond issuance. They have knowingly exposed their clients and the broader financial system to considerable reputational and financial risks. https://lnkd.in/d8Kx_aKE

Financial products are increasingly being linked to sustainability key performance indicators - KPI's. Adoption and implementation of impactful ESG strategies, goals based methodologies to internationally recognised standards and frameworks offer the opportunity to unlock finance and business development opportunities. Aviva Investors & BNP Paribas complete first sustainability-linked transaction for Associated British Ports Associated British Ports (‘ABP’) announces it has completed a sustainability-linked interest rate swap repack transaction with Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and BNP Paribas. The 30-year Sterling Overnight Index Average (SONIA) linked interest rate swap transaction is believed to be the first SONIA-linked interest rate swap institutional repack transaction and the first institutional repack transaction to have sustainability-linked key performance indicators (KPIs) attached to it. The performance targets were subject to second party #verification by ISS Corporate Solutions, to ensure they were both sufficiently material and ambitious in nature, whilst also remaining aligned to Loan Market Association sustainability-linked loan principles. As part of the deal, a discount is offered to ABP on its hedging rate, provided that ABP meets certain #sustainability-linked #KPIs. These KPIs require ABP to achieve a significant reduction in its combined #Scope1 and #Scope2 emissions by 2030, building on the 36% reduction it has achieved in its absolute greenhouse gas emissions since 2014. Munawer Shafi, Head of Structured and Private Debt at Aviva Investors, said: “We are delighted to have completed this innovative transaction with ABP and BNP Paribas. It further demonstrates our ability to incorporate sustainability considerations into bespoke transactions, while continuing to deliver the desired economic outcomes for all parties, as well as attractive risk-adjusted returns for our clients. We are committed to deploying capital to where it is needed to help our clients achieve their #sustainability goals, and hope that this transaction will speed the adoption of #ESG-#linked transactions in the swap repack space.” Get in touch: - No obligation 60 minute Masterclass on 'ESG in Maritime'. - Explore how Blue ESG unlocks ESG opportunity for your business. Email: info@blue-esg.com Blue ESG - Maritime ESG Made Easy ---------------- Green Pays Off: $4 #Trillion Revenue Boost for Growth of ESG-Focused Businesses Source: International accounting bulletin --------------- #esg #esgreporting #esgstrategy #unlock #finance #opportunity #emissions #goalbased #scope1 #scope2 #scope3 https://lnkd.in/d6mh5zgF

Stories you might have missed ✨ Last week, Barclays published its updated climate change statement, which includes a pledge to end direct finance to firms expanding oil and gas production, and immediately cease the provision of new project finance. They have also committed to providing $1 trillion of sustainable and transition finance by 2030. As part of this pledge, they have set out stricter emissions requirements for all of their energy sector clients. Alongside an expectation that these firms will have transition plans or decarbonisation strategies in place by 2025, these include: - Requirements for all energy clients to have 2030 methane reduction targets in place. - A commitment to end non-essential venting and flaring by 2030. - Updated emissions goals for all Scope 1 (direct) and Scope 2 (power-related) emissions by January 2026. ShareAction, a charity that promotes responsible investment, classes Barclays as one of Europe’s three biggest lenders to the oil and gas sector. Commenting on this commitment, they warned that the exclusion of a requirement for Scope 3 (indirect) emissions counts as a loophole in Barlcays’ commitments, as this is where the majority of emissions from fossil fuel companies fall. #banking #sustainability #research https://lnkd.in/efYzUqTA

Could not have said it better……how do some people actually think the world would be better without the oil and gas industry? We should let them on a small island with nothing that has anything to do with oil and gas nothing that has be indirectly made from oil and gas…. Wonder how long they last?? because let’s face it if that Labour clown and his merry band of tree huggers get into power that’s what he’s going to be doing to the oil and gas industry, crippling it. Maybe someone can educate me please, because If we don’t grant more drilling licenses this is is what I think will happen. Let what we have drilling be completed and what is currently producing run low and dry in years to come, where do we buy buy oil and gas from? (I know that question)… we import it, increaseing our carbon footprint, we will more than likely pay a lot more for it, thus increasing our energy bills even more, cost of living will go up… surly the normal average person like myself can see this. So why would you vote for that man and his deranged oil and gas policies?

How dual interest rates could help close the net zero transition investment gap. After the financial crisis and during the Covid-19 pandemic, the ECB offered a lower interest rate to banks compared to its standard credit operations under the targeted longer-term refinancing operations (TLTRO) programme. This created a dual interest rate system, which in theory could be used to facilitate green lending. Lagarde suggested that a potential technical obstacle to the adoption of dual rates could be data gaps. However, targeted lending for energy-efficient renovations will be possible due to the implementation of the #eutaxonomy and #Pillar3 ESG disclosure requirements. From June 2024, all banks are required to report on the volume of their renovation loans and this data could be used by the ECB to facilitate the adoption of a dual rate for taxonomy-complaint lending. #transitionfinance #sustainablefinance #esg

I read this article in the BBC News and it got me thinking… Barclays Corporate & Investment Bank and other investors that want out of oil and gas surely have to first stop using fossil fuels in all cases before they can seriously come out with greenwashing statements like this. They should be cut off from gas and allowed power on windy and sunny days. Not to forget that wind farms and solar panels were also made using oil and gas feedstocks (hence why it’s called the energy transition)… If Barclays want to be true to their values, these corporations should immediatly make sure they do not use hydrocarbon products such as carpets, plastics or any synthetic materials, even meaning no computers. No business flying, no driving, no cycling (bikes are also made with hydrocarbon products) and when their staff walk everywhere they should wear hand made natural shoes and clothes. Likewise they should only hire staff that don’t go on vacations and literally live off the land… stop demand rather than impacting supply! These statements are irresponsible and half thought out; or strategic in the sense that they are trying to drive up the cost of energy for us all so they can profit with higher inflation and interest rates… or maybe both. One last thing, Barclays state in the article that their intent is to stop ‘direct investment’, so I guess indirect investment into hydrocarbon projects will continue along with the use of it.🤷🏻♂️ https://lnkd.in/e8SZbrPB