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Blue chips ditching ESG
The Citizen
|December 23, 2024
LOANS: 'STILL COMMITTED TO GOVERNANCE'
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ArcelorMittal SA also dropped ESG targets when it refinanced its $5.5 billion RCF in May, with the previous targets outdated, a spokesperson for the company said.
Cette histoire est tirée de l'édition December 23, 2024 de The Citizen.
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