Today’s ESG Updates
- Global FoodBanking Network and Microsoft: Microsoft Sustainability Manager boosts food bank efficiency and reduces emissions.
- EET Secures Investor Confidence: EET secures US$350m refinancing to expand decarbonisation efforts and deepen African market ties.
- NZAM Suspends Activities: NZAM halts operations after BlackRock’s exit amid growing ESG scrutiny.
- Barclays Leadership Change: Barclays’ sustainability chief steps down amid climate pressure but stays committed to $1 trillion in sustainable finance.
Global FoodBanking Network increases sustainability with Microsoft
The Global FoodBanking Network has successfully integrated Microsoft Sustainability Manager to increase the efficiency of its processes and boost donor engagement. The organisation used data-driven information to optimise food bank operations to reduce emissions and align with ESG targets. An automated system allowed Global FoodBanking Network to quickly improve its sustainability credentials without the need for time-consuming manual reporting. Other businesses can do the same with the use of ESG tools.
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Further reading: The Global FoodBanking Network improves food access with Sustainability Manager
EET secures investor confidence with decarbonisation strategy
EET has attracted continued investor interest for its decarbonisation strategy. With its goal to become the “world’s first low carbon refinery”, EET aims to set the standard for industrial decarbonisation. The company has agreed on a US$350m deal for refinancing through the upsizing of existing financing facilities and forming new relationship partners. The refinancing aims to establish new relationships with the African market and deepen existing relationships with key trading partners.
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Further reading: EET Fuels secures further investor confidence in strategic decarbonisation ambition
NZAM halts operations following BlackRock departure
Shaken by the development of regulatory changes and client expectations, the Net-Zero Asset Managers initiative announced it is suspending all activities as it undergoes a review of its program. This announcement came right after investment firm BlackRock announced its departure from NZAM. There is an increasing trend of large U.S. companies reassessing their ESG commitments, with just last week U.S. banks pulling out of Net-Zero Banking Alliance as ESG confidence dwindles in the U.S.
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Further Reading: NZAM suspends all activities after BlackRock’s exit
Barclays changes leadership amid climate scrutiny
Barclays’ group head of sustainability, Laura Barlow, has stepped down, choosing to remain as an advisor for the company. Following the recent exit of HSBC’s sustainability chief in November, this reflects the growing scrutiny banks are facing with their climate efforts. Still, Barclays aims to stay aligned with sustainability targets and has pledged to facilitate $1 trillion of sustainable finance by 2030. Watch this space as sustainable banking uncertainty grows in the U.S.
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Further reading: Exclusive: Barclays sustainability chief exits in latest bank reshuffle
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Clay Banks
