Silence is not Green

    After the latest frantic press coverage related to the Adani Group, we decided to perform an autopsy of the Adani Enterprises failed deal and seek comments from the asset management community. One brave local manager [spoiler alert: SEB IM] dared share its internal ratings while the deal’s anchor investors stubbornly refused to comment. Filipe dug out their green statements and put them into perspective with the stock’s ESG ratings provided by MSCI and Sustainalytics.

    Also commending on the Adani story, NBIM told investors how little of the stocks they have left while presenting the oil fund’s renewed activism ambitions. Meanwhile, the IIGCC seeks feedback on its upcoming Climate Stewardship Questionnaire.

    More visibility is what Willem Schramade aims for. This week, he shares thoughts about the first few months in his new position as Head of Sustainability, Client Advisory, at Schroders.

    Green is good, and so is greed. Nordea announced its top-executives will be financially incentivised to care. On the other hand, oil is not green, argues this week’s Laundromat. Duh!? Yes, but apparently the organisers of COP28 seem to be blissfully oblivious of the conflicting views regarding its choice of location and president. Another eye-brow raising event was the result announcement by BP which doubled profits in 2022 but decided to lower its emission reduction target from 35-40% by 2023 to 20-30% only.

    Back in Sweden, we celebrate the launch of a new version of Swesif’s Hållbarhetsprofilen (Sustainability Declaration for Funds). This new tool takes into account the latest SFDR classifications and aims to make it easier for individual savers to choose sustainable investment products.

    Finally, things seem to be moving on the other side of the pond, as the Federal Reserve announced it would be conducting a pilot Climate Scenario Analysis exercise.

    Image courtesy of Kristina Flour on Unsplash, Edited
    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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