A Green Prince and a Big Green Wash

    “We need to accelerate our efforts and set the course for a sustainable future rooted in a new economic model – in other words, a circular bioeconomy that puts Nature and the restoration of Natural Capital at the centre of the entire process,” Prince Charles commented in relation to the launch by Lombard Odier of its Natural Capital Strategy this week.

    Meanwhile, Swedish fixed income and sustainability specialist Ulf Erlandsson, challenges investors in the State Bank of India (SBI) issued green bond as the bank prepares a loan to Adani for investment in the Carmichael mine in Queensland, Australia. “We opine that an execution of funding to Carmichael effectively removes all green credentials, aka greenwash, on the back of the issuer not exhibiting an actual dedication to climate change mitigation,” he says.

    Closer to home in the world of green bonds, Heimstaden Bostad AB launched an inaugural Green senior unsecured bond. While much is made of the flurry of real estate green bonds in the SEK market, Sweden is not the only source of sustainable fixed income activity in the Nordic region. Most recently, Citycon Treasury and Sparebank 1 SMN came to the market with NOK 4.05 billion worth of green bonds.

    AP Pension, AP2, PKA, Nordea, Öhman and P+, are the Nordic institutions among the members of the Institutional Investors Group on Climate Change (IIGCC) who sent a letter this week to 36 of the largest European companies discussing their expectations for Paris-aligned accounts.

    Earlier this month, the default Swedish public pension fund AP7 launched a procurement process regarding ESG screening analysis, engagement proxy research and voting.

    Last but not least, the European Fund and Asset Management Association (EFAMA) published its first ESG Market Insights report titled “Sustainable investment in the European asset management industry: defining and sizing ESG strategies”.


    Image by Jill Wellington from Pixabay

    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA is Editor-in-Chief for NordSIP and Managing Director for Big Green Tree Media. She has 18 years of experience in the asset management industry in Stockholm, London and Geneva, including as a long/short equity hedge fund portfolio manager, and buy-side analyst, but also as CFO and COO in several asset management firms. Aline holds an MBA from Harvard Business School and a License in Economic Sciences from the University of Geneva.

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