ESG Debt in 2022

Esta semana nos gustaría compartir algunos puntos sobresalientes de un reporte publicado recientemente por Sustainable Fitch sobre el mercado de deuda ESG en 2022. Este reporte intenta identificar las tendencias clave para el mercado de deuda ESG para este año dado cómo los diferentes temas han ganado relevancia, y cómo los diferentes marcos de bonos están siendo utilizados. Abajo compartimos algunos extractos que nos parecieron relevantes, pero recomendamos leer el reporte completo si estos temas son de importancia para tu organización en este momento:

• “Investors, regulators and stakeholders in capital markets are paying increasing attention to social issues and this ESG theme will rise in prominence over 2022.”
• “…the nexus between environmental and social issues will become stronger as ESG integration becomes more sophisticated as more disclosures and data become available.”
• “We expect to see a rising level of issuance of sustainability and sustainability-linked debt as investors combine climate and social objectives under single mandates.”
• “At the core of the social and environmental nexus is the issue of financing a just transition to a low-carbon economy for populations most at risk from adverse socioeconomic impacts.”
• “Increasing regulatory attention on environment and social risks and shifting consumer preferences for sustainable products have emphasized the importance of sustainable, resilient, ethical and transparent supply chains.”
• “… we anticipate that the range of social factors within ESG will expand beyond these topics and become more central to sustainability strategies for a wide range of bond issuers from corporates to sovereigns.”
• “We expect to see growth in SLBs with a combination of green and social targets for issuers that lack the dedicated assets necessary for a use-of proceeds bond.”
• “The addition of a social framework to the EU taxonomy, expected in the next year, will provide guidance on the private sector’s contribution to socially sustainable outcomes and support more issuance of corporate bonds with social targets or use of proceeds.”
• “Technology firms have increased their activity on the social side of the sustainable bond market. […] The growth of artificial intelligence and algorithm-based analysis has the potential to create unforeseen issues related to access and affordability, bias and discrimination, and privacy.”
• “The role of state-owned enterprises in the fossil fuel value chain is also a consideration.”
• “Economic dislocation from the shift to low-carbon technologies is likely to be an issue of concern to all major economies in 2022, and lessons can perhaps be drawn from the closure of Germany’s black coal industry in recent decades, which was driven by economic rather than climate concerns.”
• “The objective of more standardized forms of reporting on various facets of sustainability is to allow for greater transparency, less scope for greenwashing from reporting entities due to asymmetric reporting. More standardized reporting can also create a more harmonized set of decision-useful data, which investors, regulators and other stakeholders can use to scrutinize and compare financially material sustainability risks […].”

México no se ha quedado atrás en el crecimiento de deuda ESG. El año pasado hubo casi 40 emisiones de deuda ESG que recaudaron más de 8.5 mil millones de dólares, 3 veces más que en 2020. Es de esperarse que esto seguirá creciendo y que los nuevos marcos de divulgación de información ESG serán de gran relevancia en 2022. La evolución de ISSB bajo las NIIF, la actualización de los requisitos de información sobre riesgo climático de la SEC y el trabajo de la UE sobre las normas SFRD serán temas a los que habrá que prestar atención.

Espero que esto te haya parecido interesante. Como siempre, si hay algo en lo que pudiéramos ayudar, o si hay un tema de ESG del cual quisieras saber más, por favor háznoslo saber.

Saludos,

Marimar

CEO, Miranda ESG