Today’s ESG Updates
- NBIM Purchases Offshore Wind Farm Stakes for $1.5B: The world’s largest sovereign wealth fund acquires a 49% stake in two offshore wind farms in Denmark and Germany.
- Vodafone Scored ‘A’ by CDP: CDP, the global environmental non-profit placed Vodafone on its prestigious ‘A List’.
- Australian Securities & Investments Commission Issues New Regulatory Guide: Final guide published ahead of mandatory reporting is enforced in 2025 for large companies.
- PwC Reports that Singapore’s Legal Services Set to Triple by 2033: Singapore’s legal industry is set to benefit from increased sustainability services.
NBIM acquires 49% stake in two offshore wind farms in Denmark and Germany for €1.4B
Norges Bank Investment Management, Norway’s sovereign wealth fund and the world’s largest, announced that it has acquired a 49% stake in two offshore wind farms under construction for €1.4B from RWE. The purchase of the stakes in RWE’s Nodseecluster and Thor wind projects are expected to end by the beginning of the third quarter. The projects are expected to produce enough electricity to power more than 2.6 million households in Germany and Denmark according to RWE. This acquisition follows RWE’s announcement that they would cut its investment programme until 2030 by 10 million euros, or more than a fifth as conditions in the renewable sector have made it more difficult to hit its return targets.
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Further reading: Norway sovereign wealth fund buys offshore wind farms stakes for $1.5 bln
Carbon Disclosure Project awards Vodafone ‘A’ score
Vodafone has been recognised by CDP again for its leadership on corporate transparency and commitment to tackling climate change. Such changes secured Vodafone on CDP’s prestigious ‘A-list’. Vodafone was recognised for its action in cutting carbon emissions and developing the low-carbon economy. Climate Disclosure Project is a leading environmental reporting organisation and is internationally recognised for its corporate environmental transparency. The scores given are often used to secure investments and acquisition decisions. This is shown through the fact that in 2024 over 700 investors, equal to a quarter of all global institutional financial assets, requested that companies show data through CDP’s platform. The method used by CDP is thorough and undeniably reliable. For companies and investors also looking to stay in line with ever changing ESG regulations, see ESG solutions.
Photo Credit: Matthew Buchanan
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Further reading: Vodafone again recognised with CDP ‘A’ score
ASIC releases final climate disclosure guide ahead of mandatory reporting beginning in 2025
Australia’s financial regulator has issued its new regulatory guide which elucidates compliance expectations as the country sees in a new mandatory climate reporting law. The law, put into action in September 2024 expects public companies, large proprietary companies, and significant asset owners to disclose climate-related risks, opportunities and greenhouse gas emissions. The law only applies to large companies for now but will extend to medium and small companies over time. This legislation is a move in the right direction as sustainability reporting is institutionalised and made mandatory. For companies navigating changing ESG regulations, see ESG solutions.
Photo Credit: Caleb
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Further Reading: Australia Regulator Releases Final Climate Disclosure Guide as Mandatory Reporting Begins in 2025
PwC reports that Singapore’s sustainability legal services set to triple by 2033
PwC reports that Singapore’s legal market for sustainability services is set to grow on a huge scale. The current size of the legal market is S$140M to S$180M but is predicted to reach between S$450M and S$500M by 2033. This huge growth is mainly driven by increasing demands for legal requirements linked to sustainability in carbon markets, compliance and disputes. As sustainability regulations in the country become stricter, there is a growing demand for accurate and thorough compliance. Changes in the EU’s approaches to sustainability have also put pressure on large companies to redefine their methods to be more green. Companies can follow ESG guidelines more easily by using ESG tools.
Photo Credit: Adam Jones
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Further reading: PwC: Singapore’s Sustainability Legal Services to Triple by 2033
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Karsten Würth
