Some companies that once saw a benefit in adding ESG claims to their borrowing are now backing away. Mercedes-Benz Group, Equinor ASA, and ArcelorMittal have all dropped ESG (environmental, social, governance) labels from revolving credit facilities this year, according to data compiled by Bloomberg and confirmed by the companies.
Norway's biggest oil and gas company rolled over a $5 billion (about R92 billion) sustainability-linked loan (SLL) into a regular RCF in November, a spokesperson told Bloomberg. Mercedes did the same for an €11 billion (about R210 billion) loan in June, a spokesperson for the company said. Both companies said they remain committed to their sustainability goals without giving detailed explanations for their decisions to move away from SLLs.
ArcelorMittal SA also dropped ESG targets when it refinanced its $5.5 billion RCF in May, with the previous targets outdated, a spokesperson for the company said.
This story is from the December 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Heritage rescheduled at Vaal
Strydom the jockey to follow on rest of the card.
Quitting on TV: good or bad?
Clinton Larsen became the second coach to quit live on television this season on Saturday.
Sharks make a move in the URC
The Sharks made their move up the United Rugby Championship (URC) table with a breathtaking derby win over the Bulls in Durban, while the Stormers returned to winning ways with a comfortable victory over the Lions in Cape Town.
PINK PROTEAS PLUCKED
ODI: KLAASEN HEROICS NOT ENOUGH AS PAKISTAN SECURE 3-0 WHITEWASH
Larsen quits after Cup loss
Magesi FC head coach Clinton Larsen announced his resignation live on television after his side were beaten 3-0 by the Carling All Stars in the Carling Cup on Saturday at Orlando Stadium.
Blue chips ditching ESG
LOANS: 'STILL COMMITTED TO GOVERNANCE'
Gold price surge eyed
BULLS: EXPECT PRECIOUS MINERAL TO HOVER ABOVE $3,000 NEXT YEAR
The Qwellers and SABC1 campaign collaboration
SABC1 alongside The Qwellers has launched an explosive summer campaign “Qwell It on a Summer Levol” for 2024-25, which features Ama Ice, an exclusive song by the eclectic modern hip hop collective hailing from Braamfontein.
Hey Neighbour festival returns next August
Building on its immense successful debut in 2023 featuring local and international trail-blazing headliners including Tyla, Kendrick Lamar, Zakes Bantwini, Swedish House Mafia, Khalid and H.E.R attracting over 60,000 music lovers, the ground-breaking global music and lifestyle festival, Hey Neighbour, will once again bring together global communities through an eclectic fusion of music, fashion and culture.
Water sport needs more attention, minister
Officials do nothing to generate funds for Aquatics, writes Carl van Loggerenberg.
