The Week in Green

The Week in Green (August 25th edition)

A busy week! In Stockholm, Humlegården Fastigheter AB CEO Anneli Jansson rang in the bell at Nasdaq to mark the listing of Humlegården’s green bonds. This first issue of bonds made in cooperation with Handelsbanken is worth a total of SEK 1.25 billion, with a maturity of five years, and has the participation of 21 investors, including Carnegie Fonder, Alfred Berg Fonder and Storebrand SPP (NordSIP). North of Stockholm, the Nordic Investment Bank signed a 25-year loan program worth €63 million with the Swedish city of Uppsala to finance sustainable investments in its municipal infrastructure for water, wastewater and waste management (NordSIP).

The big news from Denmark this week was the sale of A.P. Møller-Maersk’s Maersk Oil to France’s Total for USD 7.45 billion, in a move intended for Maersk to take a material step forward to reduce its oil-related activities and concentrate on its transport and logistics division. The move was met with enthusiasm from a sustainability perspective: “Danish industry has understood that the markets and profitability of the future are not to be found in black gold but in sustainability, green energy and innovative, circular solutions,” wrote Politiken, an influential Danish daily (NordSIP).

In Finland, Finnish Emerging Markets specialist FIM Asset Management prepares to launch FIM Skog (“Fim Forest Fund”) in Sweden, a brand new fund that will invest directly in forest properties. The move follows FIM’s investment re-orientation of its FIM BRIC+ fund to FIM Emerging Markets ESG last week (NordSIP).

Amid an increasingly fractious parliamentary election campaign in Norway which has recently seen the governing blue coalition of Prime Minister Erna Solberg defying expectations and surging into the lead, debate is resurfacing as to how Norway’s €829bn sovereign wealth fund is run, buttressed by a new report critical of its sustainability practices from Re-Define (NordSIP).

And looking to the future, the Nordic Climate Facility, an initiative from the Nordic Development Fund, issued a call for proposals for its “Climate as Business – Testing innovative green business concepts” theme, which will be presented throughout the Nordic countries in September and which is open to applications on Monday (August 28th) (NordSIP).

Heard on E-Street

International Adviser’s Charlotte Moore looks at the economics of ESG investing driving demand in Europe, with European institutional investors increasingly embedding ESG analysis in investment processes in response to regulatory pressure, consumer demand and an appetite for new sources of investment signals (International Adviser).

Quote of the Week

“Our target is for Norway to become the world’s first fully electric society by 2050” – Energi Norge Director Oluf Ulseth, upon setting out EN’s green energy program this week (Independent)

Question of the Week

Which Swedish insurance and pensions giant raised close to USD 1 billion through its fossil-free funds in just one year?

Famous Last Words

“The skiing analogy would be, if you’re not falling, you’re probably not pushing yourself enough. And on climate, if you’re not at risk politically or from public criticism, and if you don’t feel uncomfortable, if it doesn’t hurt, you’re probably not doing enough on climate.” – Auden Schendler, Vice President of Sustainability for the Aspen Skiing Company, in a commentary to how skiers can make a difference too (Powder).

Wishing you a happy weekend,

Your NordSIP team

 

Image: (c) NosorogUA-shutterstock

 

Kames Capital
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