A look at key events redefining the ESG and sustainability space this week

Welcome to the 10th edition of the Impact Herald Weekly. This week’s news round-up focuses on major events in the ESG world, covering sustainable partnerships, updates on the regulatory landscape in ESG, and green bonds. The UN Tourism and easyJet holidays collaborates for a global ESG Framework in tourism industry while at Brazil, the World Bank Group unveils a Sustainable Finance Knowledge Center to upskill local businesses and financial institutions in Africa. In Europe, the EU postpones the implementation of Anti-Deforestation Law due to concerns raised by member states. In India, Adani and Google partner up for clean energy transition in the country while in Abu Dhabi, the National Oil Company places a dual-bond including green and conventional bonds for a 12-year period.

Monday, September 30, 2024

UN Tourism forge alliance with easyJet holidays to develop new ESG framework to promote tourism businesses

UN Tourism and easyJet holidays are collaborating to pioneer an Environmental, Social, and Governance (ESG) Framework for businesses in the tourism sector. With international tourist arrivals rebounding to 96% of pre-pandemic levels, both entities are working towards comprehensive measures to address environmental impact, community welfare, and employee well-being. Emphasizing the need for a unified ESG reporting framework, this initiative aims to enable tourism companies and stakeholders to effectively quantify and communicate their sustainability efforts and impacts. This strategic collaboration also involves close engagement with the University of Oxford (Oxford SDG Impact Lab) and input from approximately 600 tourism companies worldwide.?

Tuesday, October 1, 2024

World Bank Group and Partners launches new Sustainable Finance Center for Francophone Africa

Signaling a critical leap toward sustainable finance in the region, The World Bank Group and its partners have introduced the "Sustainable Finance Knowledge Center for Francophone Africa.” The center, unveiled at the Global Meeting of the SME Finance Forum in Brazil, offers a virtual platform in both English and French. Focusing on sectors vulnerable to climate change, this initiative aims to equip local businesses and financial institutions across the region with vital skills to expedite the transition toward sustainable finance. Six partners (IFC Green Bond Technical Assistance Program, World Bank Compact with Africa Green Business Fund, West African Development Bank, Luxembourg Stock Exchange, Financial Markets Authority of the West African Monetary Union, SME Finance Forum) will collaboratively manage this center.

Wednesday, October 2, 2024

EU to postpone enforcement of anti-deforestation law in supply chains

The European Union has delayed the enforcement of the Regulation on Deforestation-free Products (EUDR) by up to a year. The law, initially set to take effect from December 30, aimed to combat climate change but has faced criticism from various countries. Concerns were raised from member states that the law could exclude small-scale farmers and disrupt supply chains, potentially raising prices. The proposal would require approval from the European Parliament and member states. Despite the delay, businesses are encouraged to continue preparing for compliance to meet the requirements of the regulation as the global community closely monitors the situation.?

Thursday, October 3, 2024

Adani and Google partner up for clean energy advancement in India

In an announcement made in Ahmedabad, the Adani Group and Google revealed a strategic collaboration aimed at promoting their shared sustainability objectives and bolstering India's renewable energy capacity. The partnership entails Adani's provision of clean energy from a new solar-wind hybrid project situated at Khavda, Gujarat, within the world's largest renewable energy plant. Scheduled to commence operations in Q3 2025, the partnership advances Google's commitment to operating on 24/7 carbon-free energy in India. Google aims to transition all its cloud operations and services to clean energy sources by 2030. Adani also plans to establish data centers powered by clean energy.

Friday, October 4, 2024

TAQA Group successfully prices USD850 million worth of green bonds as a a part of 12-year dual-tranche bond offers

In a latest deal placed by the Abu Dhabi National Oil Company (TAQA group), a USD1.75 billion dual-tranche bond offering has been priced successfully. This offer includes two various tranches: USD850 million in 12-year green bonds and USD900 million in seven-year conventional bonds. Notably, the green bonds feature a coupon rate of 4.75%, maturing in 2037, while the conventional bonds sport a 4.375% coupon rate, maturing in 2031. Expected to be settled on October 9, the highly oversubscribed offering is aimed at fueling green projects, reflective of TAQA's ESG and decarbonization efforts. Bond proceeds are set to foster growth initiatives and bolster the company's investment-grade credit profile, underpinning its long-term goals.

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