Australian and New Zealand ESG Update
/MetLife only insurer on 'inclusive workplace’ ranking
Diversity Council Australia (DCA) has announced MetLife Australia is the only life insurance company that has an inclusive workplace. The Inclusion@Work Index for 2021 was based on surveys to determine employer awareness, engagement, inclusive organisation, inclusive leadership, inclusive team and exclusion in the workplace. MetLife was the only insurer named for the 2021 Index.
MetLife has worked hard on having an inclusive workplace, with gender-inclusive bathrooms, parents’ rooms and a revamp of recruitment processes. A policy and action plan was launched in September to support and promote mental health and wellbeing in employees. The policy digs into a series of goals, for example, improving employer knowledge and awareness of mental health issues and behaviours, reducing stigma around depression, anxiety and suicide, and supportive initiatives.
ISS ESG launches important regulatory report, labels and standards solutions, and wins an ESG research award
Institutional Shareholder Services (ISS) has launched The Depth and Breadth of Regulatory Initiatives Across Regions, an important new report looking into six key topics of sustainable financial regulation. The six areas are:
Taxonomies
Product standards, disclosures and labelling
Management and disclosure of climate risks
Management and disclosure of ESG risks
ESG in stewardship, and green bond guidelines.
The report offers a summary of initiatives by region and country and global comparative analysis on the number and impact of implemented initiatives.
ISS ESG has also launched one-stop fully-integrated Labels & Standards Solutions. These solutions use data from ISS ESG’s specialised data and analysis for asset managers and asset owners.
ISS ESG was named Best in ESG Research 2022 by ESG Investing, a UK-based media platform focused on ESG and sustainable investing.
ISS ESG is the parent company of Plan For Life Actuaries and Researchers.
NAB, ANZ and Westpac accused of dropping ‘carbon bomb’ and rejigging net-zero promises
Eighteen global banks have lent Global Infrastructure Partners (GIP) US$3.49 billion so it can buy a 49 per cent stake in the Pluto LNG Train 2 gas processing facility which will ultimately result in the same amount of carbon emissions in its lifetime as 15 coal-fired power plants all running for 30 years.
NAB led the consortium, with ANZ and Westpac part of the deal, with other banks Japan’s Mizuho, MUFG and SMBC, the UK’s HSBC and Standard Chartered, and the Bank of China. Woodside sold the stake to GIP and is going ahead with the Pluto 2 project and associated large greenfield offshore gas field, Scarborough. The combined Scarborough-Pluto project will enable 1.6 billion tonnes of CO2 emissions across its life span, with risks to fragile marine life and important and irreplaceable Aboriginal rock art of the Murujuga people, under consideration for World Heritage Listing.
NAB recently released an updated oil and gas policy that has been criticised as weak, allowing expansion in the fossil fuel industry.
IFM Investors achieves carbon neutral status on Private Equity portfolio
IFM Investors’ Private Equity portfolio has achieved carbon neutral status as certified by Climate Active, a representative of the Australian Government’s certification standard. The fund manager is aiming for net-zero by 2050 by reducing its greenhouse gas emissions across all asset classes.
ClearView achieves carbon neutral status
ClearView has achieved carbon neutral status as per Climate Active. While ClearView produced 1.7 tonnes of carbon emissions in the last financial year, it has offset them with various initiatives, including forestry and wind farms.
