Daily ESG Briefing: Legal & General signs real estate portfolios up to labour rights protocol

The latest developments in sustainable finance

Legal & General has signed up to the Gangmasters and Labour Abuse Authority (GLAA) Construction Protocol on behalf of its real estate portfolio businesses. Signatories of the GLAA are committed to the prevention of exploitation or abuse of workers, taking the necessary steps to ensure appropriate safeguards are in place to ensure that exploitative practice does not occur. Sara Heald, Head of Corporate Social Responsibility, said: “Through the GLAA Modern Slavery protocol, we are promoting a necessary sector wide shift.” Yesterday, PRI head Fiona Reynolds told RI that human rights should be the next big focus for signatories.

 KLP, Storebrand and the Rainforest Foundation Norway have published a new report to support investors managing deforestation risks. The report looks at the evolution of private sector initiatives on deforestation and analyses existing deforestation tools and databases, as well as examining the investment case for removing deforestation from portfolios. The full report is available here.

ANZ bank has issued a A$1.25bn bond devoted to the Sustainable Development Goals (SDGs) off the back of its new SDG Bond Framework, which links their asset base to certain SDGs. The bond matures in February 2031.

KfW has launched its first USD green bond of 2020, in a 10-year deal worth $2bn. The German development bank also launched a €3bn green bond in July. The bank’s Green Bonds have so far raised nearly €48.5bn in 14 different currencies for 2020.

Northern Trust will now include ‘key’ environmental data as part of its ESG risk analysis, giving investors access to environmental analytics including carbon footprint analysis.