Germany to gauge corporate sustainability with EU taxonomy

first_imgThe launch of the survey initiative comes as the German government prepares to assume presidency of the EU Council in July and as it seems to make Germany a prime location for sustainable finance. Svenja Schulze, Germany’s federal environment ministerAnnouncing the survey earlier this month, the environment ministry said Germany wanted to use its presidency to “diligently advance European climate action – green recovery and the Green Deal”.Federal environment minister Svenja Schulze said: “The EU taxonomy on sustainable finance provides the first guidance on what sustainability in business actually means.“Companies that invest in renewable energy, green mobility and climate-friendly industrial processes are supporting climate action, innovation and jobs that are viable for the future,” she added.”We plan to promote these investments. That is why we now need to gauge where we stand in terms of sustainability.”According to Adelphi’s García, the three main goals of the survey are to quantify sustainable activities of companies and banks using the EU taxonomy, identify challenges and solutions for applying the taxonomy, and sensitise companies and banks to it. The German federal environment ministry has launched a survey to assess how major European companies stack up against the EU system for classifying sustainable economic activities, the so-called taxonomy.The ministry has commissioned Adelphi, a think tank and public policy consultancy on climate, environment and development, and ISS ESG, the investment arm of Institutional Shareholder Services, to carry out the project.“We conduct in-depth interviews with companies and banks, and this process is coupled with an analysis of comprehensive ESG rating data by ISS ESG,” Bibiana García, project manager at Adelphi Consult, told IPE.“The results will feed into discussions at EU level and will help maximise the relevance of the taxonomy for its users,” García said.center_img Bibiana Garcia, project manager at Adelphi ConsultTargeted interviews with listed companies will be conducted between May and July to identify “challenges and potential solutions” relating to “the disclosure and measurement of taxonomy alignment,” according to a description of the project.It indicates that an initial analysis of publicly available information is currently taking place to assess the credit books of five major European banks, which will participate in in-depth interviews between May and June, against the taxonomy.Adelphi has contacted around 430 listed non-financial and financial companies from across Europe, including the UK. “The survey has already been well received in Germany and other European countries,” said García. “We can already see a lot of interest at this point, especially under the current circumstances.”The taxonomy is a system for determining whether economic activities are sustainable, with the focus currently on environmental sustainability. Political agreement on the regulation for the taxonomy was reached late last year, with the first set of technical screening criteria, covering climate change mitigation and adaptation, due to be issued last this year. The technical expert group advising the European Commission on sustainable finance published its final recommendations on the EU taxonomy in March, including “substantial new user guidance” to help investors and companies meet obligations for reporting against the framework.To read the digital edition of IPE’s latest magazine click here.last_img read more

Revealed! The Premier League’s richest owners, from Bournemouth to Man City

first_imgThe transfer window is open and in full flow with owners and chief executives working tirelessly to fulfill their manager’s wishes.And their job has become a lot easier this summer, with the new broadcasting deal coming into play to make the clubs, and the owners, even richer.But how much are each of the Premier League owners – or majority shareholders – worth?Swansea are currently in the process of being taken over by an American consortium which will be completed subject to Premier League approval.Click the arrow above, rightm as talkSPORT ranks the 20 Premier League owners in order of their estimated net worth. 8. The Coates Family (Stoke City) – £2.3bn estimated worth 20. Jason Levein and Steve Caplain (Swansea) – Estimated worth unknown* – click the arrow, right, to see the richest Premier League owners – *Takeover subject to Premier League approval 11. Farhad Moshiri (Everton) – £1.4bn estimated worth 19. Steve Parish (Crystal Palace) – £45m estimated worth 1. Sheik Mansour bin Zayed Al Nahyan (Manchester City) – £20bn estimated worth 20 13. Assem Allam (Hull City) – £775m estimated worth 20 20 20 6. Katharina Liebherr (Southampton) – £3bn estimated worth 15. Gino Pozzo (Watford) – £120m estimated worth 20 14. Steve Gibson (Middlesbrough) – £165m estimated worth 20 20 20 20 18. Jeremy Peace (West Brom) – £50m estimated worth 4. Joe Lewis (Tottenham) – £3.8bn estimated worth 20 3. Stan Kroenke (Arsenal) – £5.7bn estimated worth 20 9. Vichai Srivaddhanaprabha (Leicester City) – £2bn estimated worth 17. Mike Garlick and John Banaszkiewicz (Burnley) – £55m estimated worth combined 16. Maxim Demin (Bournemouth) – £100m estimated worth 20 10. John W. Henry (Liverpool) – £1.5bn estimated worth 20 12. David Sullivan and David Gold (West Ham) – £1.35bn estimated worth combined 2. Roman Abramovich (Chelsea) – £5.7bn estimated worth 5. The Glazer Family (Manchester United) – £3.3bn estimated worth 7. Ellis Short (Sunderland) – £2.4bn estimated worth 20 20 20 20 20 20 20last_img read more