Impact Report 2023
It’s more than a mindset.
It’s about taking action.
Latin America continues to grow rapidly, but this is putting severe pressure on the region’s natural resources. We need to transition to more sustainable economic models.
Forging new paths
Pioneers enact change.
They prove what is possible and inspire others to join.
Finance in Motion appointed as the advisor to LAGreen, the first article 9 green bond fund dedicated to Latin America
- Partner: LAGreen
- Region: Latin America
LAGreen approves first advisory and capacity building projects
- Partner: LAGreen
- Region: Latin America
First transaction of LAGreen
- Partner: Sustainability bond by Banco Promerica Costa Rica
- Region: Costa Rica
LAGreen advises, builds reporting capacity and invests in the first thematic bond by a non-bank financial institution in Latin America
- Partner: GF Mega
- Region: Mexico
LAGreen completes first research and development project, publishing Sustainable Finance State of the Market reports
- Partner: Climate Bonds Initiative (“CBI”)
- Region: Colombia Peru
LAGreen develops, invests, advises and supports product development in the first sustainability-linked bond (“SLB”) by a financial institution in Latin America
- Partner: Bancolombia
- Region: Colombia
LAGreen invests in the first blue bond by a financial institution in Latin America and the first bond issuance of Banco Internacional
- Partner: Banco Internacional
- Region: Ecuador
LAGreen invests in the first Basel III-compliant subordinated sustainability bond in Colombia
- Partner: Banco de Bogotá
- Region: Colombia
LAGreen achieves first $100m USD portfolio milestone
- Partner: LAGreen
- Region: Latin America
LAGreen invests in the first blue bond issued by a financial institution in Colombia
- Partner: BBVA Colombia
- Region: Colombia
LAGreen invests in the first long-term Green Bond issued by CIFI
- Partner: Corporación Interamericana de Financiamiento de Infraestructura ("CIFI")
- Region: Panama
Approval of investment into the first thematic bond in the Guatemalan market and capacity building
- Partner: Promerica Guatemala
- Region: Guatemala
Approval of development of the first Renewable Energy impact methodologies research at LAGreen
- Partner: LAGreen
- Region: Latin America
Our impact ambitions
Our goal
To help develop the Latin American thematic bond market by promoting best practices and fostering capacities for issuers. At the same time, we aim to drive the impact agenda through mobilizing funding from capital markets.
Key target impact areas
Supporting environmental benefits
- Climate action
- Natural resource conservation (inc water)
- Pollution prevention and control
Fostering sustainable economic development
- Employment generation
- Promoting sustainable business practices
- Strengthening circular economies
Green bonds can introduce financial sophistication to impact investment. Mobilizing more private investors and capital markets for this is key. It is the only way for impact investments to make a significant contribution.
– Diego Stapff, LAGreen Fund Director
To read more about LAGreen and its objectives
How we achieve impact
LAGreen promotes innovation and helps new issuers access the market by focusing investments on new bonds and supporting issuers with advice and capacity building.
We screen investments against best international practices
We evaluate the issuer’s sustainability commitments
We assess the expected impact of underlying projects
We support innovative firsts - especially those that create opportunities to reach new sectors and enhance the effect of our investments
Investing across Latin America
Our impact so far
Portfolio and financial indicators1
Impact indicators3,4
Breakdown
Use of proceeds (“UoP”)3
Funding per share class1
Green Use of Proceeds distribution by categories (82.5%)3
- Data from outstanding portfolio as at 31 Dec 2023.
- Total funding mobilized in bonds in which LAGreen invested, provided advice and/or built capacity.
- Data from reported portfolio as at 31 Dec 2023.
- Given the thematic focus of each bond, impact metrics are aggregated from bonds which have allocations to the sectors – commonly one to three bonds — rather than the entire cohort of bonds that have reported.
- Cumulative figures since the fund’s inception.
All currency data is in USD
As a bond investor, the fund relies primarily on reporting made public by the issuers for attaining impact data. Impact KPIs are assessed and aggregated across the fund’s portfolio and displayed cumulatively since inception. Our in-house team of impact experts critically reviews the information made available by the issuers, before the data is applied to calculate the impact KPIs.
To consistently support the quality of impact reporting by issuers, and ensure solid data for the fund’s own assessments and reporting, LAGreen continuously offers programs to enhance issuers capacity to prepare impact reports and to develop methodologies in line with industry standards and scientific evidence to estimate impact.
Bond snapshots
Banco de Bogotá
Type: Sustainable Subordinated Bond
Total issuance: USD 230mio
Maturity: 10 years, March 2033
- 1st subordinated thematic bond issued by a bank in Colombia under Basel III to strengthen its capital base
- Second Party Opinion by S&P Global
- Over 10 target impact sectors including renewables and energy efficiency
Banco Internacional
Type: Blue Bond
Total issuance: USD 79mio
Maturity: 5 years, November 2026
- 1st blue bond by a financial institution in Latin America
- Bond won an award for innovation at the Environmental Finance Bond Awards 2023
- Second Party Opinion by Sustainalytics
- 4 target impact sectors including sustainable aquaculture and fisheries
Banco Promerica
Type: Sustainable Bond
Total issuance: USD 50mio
Maturity: 5 years, December 2026
- 1st thematic bond from Promerica Costa Rica
- Second Party Opinion by Vigeo Eiris
- 9 target impact sectors focused on green buildings
- Assistance to develop impact reporting
- Bond program has a partial guarantee from IDB
Bancolombia
Type: Sustainability-linked Bond (“SLB”)
Total issuance: COP 640bn (~USD 150mio)
Maturity: 5 years, September 2027
- 1st SLB issued by a financial institution in Latin America, focused on lowering their portfolio’s carbon intensity
- Assistance to develop Circular Economy product
- Second Party Opinion by Sustainalytics
- Measures under Science-Based Targets initiative and Partnership For Carbon Accounting Financials
BBVA
Type: Blue Bond
Total issuance: USD 150mio
Maturity: 5 years, October 2028
- Third-party assurance by DNV
- 1st blue bond in Colombia following IFC blue finance guidelines
- Bond is expected to engage in water infrastructure through municipalities
Cifi
Type: Green Bond
Total issuance: USD 230mio
Maturity: 10 years, September 2029
- Program issued locally in Panama
- Second Party Opinion by Sustainalytics
- 3 target impact sectors including renewable energy generation
In depth: Unleashing the green bond potential
We are delivering on our mission, investing in green bonds with a climate focus. All the bonds in which we invested are highly impactful with very solid credentials.
– Diego Stapff, LAGreen Fund Director at Finance in Motion
The future of Latin America impacts us all
Latin America’s economic expansion is putting its natural capital under pressure. Even the region’s vast rainforests, crucial carbon sinks, are becoming net emitters due to deforestation. And the consequences may be catastrophic.
Finding a solution
Solving these complex issues requires a holistic approach, which includes adopting sustainable growth models. To do this, we must channel massive volumes of funding into impactful solutions. With the right level of financial sophistication, Latin American economies can:
- invest in sustainable economic practices
- scale the sustainable finance market, particularly green bonds
Investing in resilient capital markets in Latin America has global significance. Because success here means we are progressing in our battle against the climate crisis
Impact is about taking action
We are driven by the real impact we make on our environment and people’s lives.
It takes time and dedication to develop the necessary capacities, market knowledge, networks and track record to make this impact.
You can only be effective if you deploy
Deploying capital is the biggest challenge for those wanting to drive change. The obstacles are significant and often idiosyncratic to the region.
Our local knowledge, local presence and desire to stay the course, have allowed us to deploy capital – in many cases, developing first issuances of their kind.
We understand the needs of all market players
Public investors – Finance in Motion has invested over €7billion of primarily public capital in high-growth geographies since 2009.
Private investors – we give international private investors unique access to local investments in familiar, robust vehicles, with first-loss protection.
The region – investing where it counts the most requires local knowledge to understand the real needs of the region; its economy, its people, its environmental challenges, and the opportunities to contribute to the global fight against climate change.
The issuers – years of frank, open discussions with issuers help us get to the root of the barriers to issuance.
Capital markets – connecting local and international capital markets through impact investments is a great opportunity to mobilize larger volumes of private sector money towards green projects.
Success stories demonstrating our impact
Our local team knows the market through Finance in Motion’s presence in the region. They have the networks, they know the financial sector, the issuers, and the companies looking for this kind of financing.
– Myriel Frische, Fund Management at Finance in Motion
Bancolombia
In October 2022, we partnered with IDB Group in a landmark COP 640bn Sustainability-Linked Bond (“SLB”) issued by Bancolombia with dedicated green use of proceeds. Bancolombia has been named ‘world’s most sustainable bank’ twice by Dow Jones and is a founding member of the Net Zero Banking Alliance. As a global sustainability leader, it set ambitious sustainability targets for the bond:
- to reduce the carbon intensity of its portfolio by 25%
- to provide financing to over 1.5 million low-income people with limited access to finance within five years
Our advisory and capacity building function is proud to have worked closely with the bank on its circular economy strategy.
LAGreen's support through the issuance of the Sustainable Subordinated Bond has been of great value for Banco de Bogotá to continue promoting sustainable financing in the country...
– Diana Barón, Sustainable Finance Director at Banco de Bogotá
Banco de Bogotá
In March 2023, LAGreen invested in the $230mio issuance of a sustainable bond by Banco de Bogotá. The first Basel III subordinated thematic bond in Colombia, we are proud to have invested alongside eco.business Fund, IDB, IDB Invest, IFC and FinDev Canada, to promote access to capital for issuers with strong sustainability agendas.
Our advisory and capacity building function supported the bank with the preparation of the bond’s impact reporting.
Use of proceeds examples for this bond that align with our impact objectives:
Installation and supply of 789 x 40W LED light bulbs in the public lighting network.
This measure saved 153.42 MWh/year, a 16.8% reduction in energy consumption.
Replacing components, improving and adapting water systems for the recovery and use of certain post-consumer plastics.
This project will contribute to the region’s waste management by improving circular practices and avoiding 2,682 tons CO2eq/year with the project’s completion.
At LAGreen we go beyond just investing in green bonds in Latin America. What makes us unique is our capability to combine our financing with tailored capacity building to promote high-quality issuance standards and transparent reporting among our investees...
– Kurt Vogt, LAGreen Board Member
We have set the groundwork for future success
It is no small feat to be up and running with processes, methodologies and a track record of investing in such an innovative segment. Let alone participating in groundbreaking issuances.
The market is growing
The Latin American thematic bond market, while young, is robust, innovative, and based on strong impact standards. It is growing steadily despite challenging global market conditions and has substantial headroom as global commitments to decarbonization and sustainability increase.
With a diverse range of projects and sectors to support, we expect the region to continue to lead in thematic bond innovation.
And maintaining high impact standards will be key to attracting more international investors looking to complement portfolios and align with international regulatory requirements.
The market is steadily growing and welcomes innovation. Main stakeholders are aligned. There's more willingness and there's more awareness, and a commitment to do things right. And we will continue to promote international high impact standards.
– Matias Gallardo, Sustainability Division at Finance in Motion
And we plan to grow alongside it by:
- Developing more methodologies to improve our impact monitoring of investments.
- Welcoming more private investors into the fund after successfully deploying initial capital from public sectors and Development Financial Institutions.
- Expanding our investments in the region and continuing to play an important role in developing the local and international capital markets.
- Diversifying our issuers with an increased number of corporates and first-time issuers while maintaining our flexibility and credibility.
- Continuing to promote high impact standards and transparency through advisory and capacity building function.
Stay tuned for more information on our upcoming participation in the first issuance of a thematic bond in Guatemala.
We are delivering on our mission, investing in green bonds with a climate focus. All the bonds in which we invested are highly impactful with very solid credentials.
– Diego Stapff, LAGreen Fund Director at Finance in Motion
Our local team knows the market through Finance in Motion’s presence in the region. They have the networks, they know the financial sector, the issuers, and the companies looking for this kind of financing.
– Myriel Frische, Fund Management at Finance in Motion
LAGreen's support through the issuance of the Sustainable Subordinated Bond has been of great value for Banco de Bogotá to continue promoting sustainable financing in the country...
– Diana Barón, Sustainable Finance Director at Banco de Bogotá
At LAGreen we go beyond just investing in green bonds in Latin America. What makes us unique is our capability to combine our financing with tailored capacity building to promote high-quality issuance standards and transparent reporting among our investees...
– Kurt Vogt, LAGreen Board Member
The market is steadily growing and welcomes innovation. Main stakeholders are aligned. There's more willingness and there's more awareness, and a commitment to do things right. And we will continue to promote international high impact standards.
– Matias Gallardo, Sustainability Division at Finance in Motion
In depth: Unleashing the green bond potential
The future of Latin America impacts us all
Latin America’s economic expansion is putting its natural capital under pressure. Even the region’s vast rainforests, crucial carbon sinks, are becoming net emitters due to deforestation. And the consequences may be catastrophic.
Finding a solution
Solving these complex issues requires a holistic approach, which includes adopting sustainable growth models. To do this, we must channel massive volumes of funding into impactful solutions. With the right level of financial sophistication, Latin American economies can:
- invest in sustainable economic practices
- scale the sustainable finance market, particularly green bonds
Investing in resilient capital markets in Latin America has global significance. Because success here means we are progressing in our battle against the climate crisis
Impact is about taking action
We are driven by the real impact we make on our environment and people’s lives.
It takes time and dedication to develop the necessary capacities, market knowledge, networks and track record to make this impact.
You can only be effective if you deploy
Deploying capital is the biggest challenge for those wanting to drive change. The obstacles are significant and often idiosyncratic to the region.
Our local knowledge, local presence and desire to stay the course, have allowed us to deploy capital – in many cases, developing first issuances of their kind.
We understand the needs of all market players
Public investors – Finance in Motion has invested over €7billion of primarily public capital in high-growth geographies since 2009.
Private investors – we give international private investors unique access to local investments in familiar, robust vehicles, with first-loss protection.
The region – investing where it counts the most requires local knowledge to understand the real needs of the region; its economy, its people, its environmental challenges, and the opportunities to contribute to the global fight against climate change.
The issuers – years of frank, open discussions with issuers help us get to the root of the barriers to issuance.
Capital markets – connecting local and international capital markets through impact investments is a great opportunity to mobilize larger volumes of private sector money towards green projects.
Success stories demonstrating our impact
Bancolombia
In October 2022, we partnered with IDB Group in a landmark COP 640bn Sustainability-Linked Bond (“SLB”) issued by Bancolombia with dedicated green use of proceeds. Bancolombia has been named ‘world’s most sustainable bank’ twice by Dow Jones and is a founding member of the Net Zero Banking Alliance. As a global sustainability leader, it set ambitious sustainability targets for the bond:
- to reduce the carbon intensity of its portfolio by 25%
- to provide financing to over 1.5 million low-income people with limited access to finance within five years
Our advisory and capacity building function is proud to have worked closely with the bank on its circular economy strategy.
Banco de Bogotá
In March 2023, LAGreen invested in the $230mio issuance of a sustainable bond by Banco de Bogotá. The first Basel III subordinated thematic bond in Colombia, we are proud to have invested alongside eco.business Fund, IDB, IDB Invest, IFC and FinDev Canada, to promote access to capital for issuers with strong sustainability agendas.
Our advisory and capacity building function supported the bank with the preparation of the bond’s impact reporting.
Use of proceeds examples for this bond that align with our impact objectives:
Installation and supply of 789 x 40W LED light bulbs in the public lighting network.
This measure saved 153.42 MWh/year, a 16.8% reduction in energy consumption.
Replacing components, improving and adapting water systems for the recovery and use of certain post-consumer plastics.
This project will contribute to the region’s waste management by improving circular practices and avoiding 2,682 tons CO2eq/year with the project’s completion.
We have set the groundwork for future success
It is no small feat to be up and running with processes, methodologies and a track record of investing in such an innovative segment. Let alone participating in groundbreaking issuances.
The market is growing
The Latin American thematic bond market, while young, is robust, innovative, and based on strong impact standards. It is growing steadily despite challenging global market conditions and has substantial headroom as global commitments to decarbonization and sustainability increase.
With a diverse range of projects and sectors to support, we expect the region to continue to lead in thematic bond innovation.
And maintaining high impact standards will be key to attracting more international investors looking to complement portfolios and align with international regulatory requirements.
And we plan to grow alongside it by:
- Developing more methodologies to improve our impact monitoring of investments.
- Welcoming more private investors into the fund after successfully deploying initial capital from public sectors and Development Financial Institutions.
- Expanding our investments in the region and continuing to play an important role in developing the local and international capital markets.
- Diversifying our issuers with an increased number of corporates and first-time issuers while maintaining our flexibility and credibility.
- Continuing to promote high impact standards and transparency through advisory and capacity building function.
Stay tuned for more information on our upcoming participation in the first issuance of a thematic bond in Guatemala.
Partnering for impact
Banco Promerica
For more than 30 years, Banco Promerica [it] has been supporting a banking system that develops relationships and offers products and services in nine countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, the Dominican Republic, Ecuador, and Grand Cayman.
IDB Invest
Finance In Motion, through its LAGreen Fund, has been a reliable co-investor... and [it] is one of our trusted development partners in the region. We are excited to continue the partnership towards a more sustainable tomorrow.
- Marisela Alvarenga, Managing Director, Financial Institutions Latin America and the Caribbean at IDB Invest
Bolsa Institucional de Valores (“BIVA”)
BIVA is a Mexican stock exchange. Its goal is to contribute to the growth of the stock exchange through innovation, state-of-the-art technology, and accessibility.
Bolsa de Valores de Colombia (“BVC”)
The alliance with LAGreen is very important for the Colombian Stock Exchange, it allows us to continue advancing in our strategy of promoting sustainable development through the capital market…
- Nicolas Mayorga Mora, Senior Manager of Issuance Strategies, NUAM Exchange
Corporación Interamericana de Financiamiento de Infraestructura (“CIFI”)
CIFI is a leader in infrastructure and energy financing across Latin America and the Caribbean. With involvement in over 200 transactions valued at more than US$2.0 billion, CIFI has mobilized over US$20 billion in capital since 2001.
Climate Bonds Initiative (“CBI”)
LAGreen has become one of the key players in the Latin American and Caribbean region in sustainable finance. The Climate Bonds and LAGreen relationship has been instrumental in reaching out to different issuers seeking to enter the thematic debt market, with pioneering initiatives such as the VSS+ Bond Accelerator Program, together with the Colombian Stock Exchange…
- Andrés Felipe Sánchez, Head of LatAm and the Caribbean, Climate Bonds Initiative
Carl-Zeiss-Stiftung
Founded in 1889 by the scientist and entrepreneur Prof. Dr. Ernst Abbe, Carl-Zeiss-Stiftung is today one of the largest and oldest scientific foundations in Germany, providing funding for research and teaching in the STEM fields of science, technology, engineering, and mathematics.
The European Union
The European Union (EU) is a unique economic and political union between 27 European countries… What began as a purely economic union has evolved into an organisation spanning many different policy areas – from climate, environment and health to external relations and security, justice and migration.
The Federal Ministry for Economic Cooperation and Development (“BMZ”)
The BMZ carries out a multitude of tasks. These include planning and programming German development cooperation, cooperating with civil society and the private sector, cooperating with partner countries and with multilateral organisations, and carrying out development information and education work.
Finance in Motion (“FiM”)
FiM is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities.
KfW
KfW is one of the world’s leading promotional banks. KfW has been committed to improving economic, social and environmental living conditions across the globe on behalf of the Federal Republic of Germany and the federal states since 1948.
DEG
For 60 years DEG has been a reliable partner to private-sector companies and financial service providers operating in developing markets…Its customers are mainly based in developing and emerging-market countries as well as in Germany and other industrialised nations. Since 2001 it has been a subsidiary of KfW.
The Luxembourg stock exchange
The Luxembourg stock exchange is the main securities exchange in Luxembourg. Established in 1928, it is a world-leading venue for listing international debt securities.
Oesterreichische Entwicklungsbank (“OeEB”)
OeEB was founded in March 2008 as the development bank of the Republic of Austria. With a public mandate, it works for better living conditions in developing countries.
Santander Asset Management
LAGreen has gained a leader role as an entry point to the region for impact investors, offering flexible investment opportunities and diversification. The fund is a success example of bringing together public and private investors to support impactful stories addressing the urgent topics affecting the region and the world.
- Alfredo Mordezki Zytny, Director, Santander Asset Management
United National Environment Programme Finance Initiative (“UNEP-FI”)
In a short period, LAGreen Fund has established itself as a reliable partner, transcending its investor role to engage in various activities such as capacity building... They share our vision of a systemic transformation of the financial sector towards low-carbon, inclusive economies.
- Eric Usher, Head of UN Environment Programme Finance Initiative
Advisory and capacity building
LAGreen works with issuers to structure new bonds and promotes the adoption of best impact principles.
- Alina Buscher, Technical Assistance at Finance in Motion
The flexibility of advising and capacity building is an important added value. We can collaborate with large traditional issuers to develop very targeted products or support. This goes beyond basic support and it is more nuanced. That's where I see a lot of demand.
- Matias Gallardo, Sustainability Division at Finance in Motion
LAGreen works with issuers to improve the quality and quantity of thematic bond issuances in the market, promoting and maintaining the market’s international reputation.
- Collaborating with issuers to build the infrastructure for continued independent success.
- Offering expert advice on impact, allowing issuers to remain focused on the financial aspects.
- Providing support and validation to our issuers, without which, some would not come to market.
This also complements the fund’s activities by:
- Offering investors access to these opportunities through the fund’s portfolio.
- Helping investors reach their individual impact goals.
Our advising and capacity building project support
Data as at 31 Dec 2023, based on cumulative project volume.
Advisory and capacity building success stories
Following the report launch, we brought together key stakeholders that can help develop the market. This provided networking opportunities and a roundtable for key international initiatives, regulators and potential issuers. We also delivered training to financial institutions and lawyers - their support is vital to potential issuers.
- Dr Irais Argelia Vazquez Cisneros, Technical Assistance at Finance in Motion
How we manage impact
Through investing in green bonds in Latin America, we channel financing towards sustainable local projects in support of environmental and societal benefits.
These bonds can support a variety of sustainable projects, contributing to a wide range of Sustainable Development Goals (“SDGs”).
For the LAGreen SDGs we have mapped our impact KPIs against specific SDG sub-targets under the ICMA High-Level Mapping to the Sustainable Development Goals.2
2 https://www.icmagroup.org/assets/documents/Sustainable-finance/2023-updates/Green-Social-and-Sustainability-Bonds-A-High-Level-Mapping-to-the-Sustainable-Development-Goals-June-2023-220623.pdf
We build on the following international standards, among others:
- ICMA Principles
- Climate Bond Initiative Guidelines
- Operating Principles for Impact Management
- IFC Performance Standards
- Fundamental conventions of the International Labour Organization
- International Bill of Human Rights
In 2023, Finance in Motion, LAGreen’s Advisor, underwent an independent verification by BlueMark. Its impact management system ranked ‘advanced’ (the highest rating possible) against the Impact Principles and current industry best practices.
Finance in Motion received the highest score in all eight dimensions of the Principles and was designated as a “Practice Leader” by BlueMark for the third year in a row.
Read Finance in Motion’s Disclosure Statement on alignment with the Operating Principles for Impact management here.
Considering our sustainable investment objective, we are classified as an Article 9 fund according to the Sustainable Finance Disclosure Regulation3.
Read more about the fund’s overall sustainability-related impact here.
3 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector.
Measuring positive impact helps us progress towards our impact objective and informs our strategy. We monitor our impact based on key indicators, in line with our Theory of Change, which reflects:
- environmental impact through the financing of sustainable projects
- support for scaling the thematic bond market in Latin America
Read more about our Theory of Change here.
We integrate systematic impact measurements and management throughout our investment lifecycle. The fund relies primarily on bond impact reports published by issuers for attaining data. Impact KPIs are assessed and aggregated across the portfolio. We have developed tailored tools that allow us to:
- Assess the potential impact of each investment at the due diligence stage
- Oversee the potential impact during the holding period
- Evaluate the final impact at maturity
- Monitor and manage portfolio-level impact
The Green Bond Tool
Finance in Motion developed its Green Bond Tool to improve impact assessment and management. It builds on LAGreen’s impact pathways and is aligned with industry best practices, including:
The tool analyzes key aspects of each investment alongside the fund’s contribution, building a holistic impact view that incorporates:
- The issuer’s sustainability strategy
- The issuance’s ability to deliver environmental impact
- The issuer’s committed reporting practices
- The fund’s engagement with the issuer and the market
We prioritize managing – i.e., avoiding, minimizing, and mitigating – potential environmental and social (E&S) risks and negative impacts associated with our investments. This means we maintain and continuously improve our environmental and social management system.
Throughout our investment process, we consider E&S risks. Screening and thorough due diligence help identify E&S risks and assess the capacity and commitment of issuers to address and mitigate these. Once we have deployed capital, we monitor the E&S performance of our investments annually and engage with issuers wherever possible.
Download the full report
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