Value-Based Investing and Nordic Allocations
This week, NordSIP sat down with portfolio manager David Osfield and his colleague Philip Baker of EdenTree’s Investment Management’s Amity International Fund to discuss the fund’s value-based approach, which contrasts sharply with the common growth and long-term opportunistic strategies adopted by many sustainability-focused managers. Elsewhere, the European Commission approved a €98.2 million investment package to support Europe’s transition to a low-carbon, circular economy under the auspices of the LIFE funding programme and includes specific projects in Denmark, with a €17.4 million investment in nature management, and Sweden, with a €16.7 million investment in the conservation of wetlands. Denmark’s 2nd City Aarhus became a partner of the Global Platform for Sustainable Cities, a collaboration between the World Bank and the Global Environment Facility, at the World Urban Forum this week in Kuala Lumpur. The WUF also occasioned the launch of an Urban Sustainability Framework, a guide for cities to implement sustainability measures and attract financing.
In other news, the Nordic Investment Bank is cooperating with Development Bank of South Africa to launch a €95 million loan facility for projects of interest to the Nordics and Baltics in southern African countries. Development financier Swedfund contributed $10 million to a syndicated loan to Nigeria’s Access Bank, a bank known for its sustainability and gender equality practices, as part of the effort to overhaul the Nigerian economy in the agricultural sector (NordSIP). Elsewhere, Finnish Minister of the Environment Kimmo Tiilikainen spoke with Go International about the bilateral relationship between Finland and India on sustainability, Finnish solutions for India and investment opportunities for Finland’s businesses.
Heard on E-Street
Norway’s $1 trillion sovereign wealth fund is pushing firms to disclose more non-financial data (such as carbon emissions) and allow investors to nominate their own board directors ahead of the upcoming AGM season (Reuters). Fittingly, a map from AlterNet reveals Norway is the best place to be in the event of climate catastrophe, with Finland, Denmark, Sweden and Iceland all in the top 10 (AlterNet). It might get crowded. The Guardian’s Sarah Bosely takes a deep dive into what makes Copenhagen among the most sustainable and healthy cities in the world (Guardian). EuroSIF director and member of the European Commission’s HLEG expert group on sustainable finance Flavia Micilotta explains how it works (Market Mogul), while the European Commission will present legislation in May on the back of the HLEG final report to classify ‘green investment’ to combat ‘greenwashing’ (Euractiv). The Green Party in the European Parliament publish an ambitious draft report on sustainable finance.
Question of the Week
Which investment management giant expanded its commitment to the UN PRI across all its investment branches last year, accounting for another $95.9 billion in AUM adhering to PRI guidelines?
Famous Last Words
A binding reference to the Paris Agreement will be needed “in all EU trade agreements” from now on – EU Trade Commissioner Cecilia Malmström, noting such a clause was included in a recent trade deal with Japan and will be in upcoming deals with Mexico and Mercosur. An EU spokesperson confirmed the new policy (Independent).
Presumably, that means the gentleman across the pond, too. Have a good weekend,
Your NordSIP team
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