❓What happens to SLBs when their targets and KPIs are recalculated? Holcim, one of the world's largest cement producers, has adjusted the baselines underpinning its outstanding Sustainability-Linked Bonds — with important ramifications for investors. In our latest analysis, we examine how revisions to Holcim's carbon intensity and water-use have led to the target levels being recalculated. While this doesn't necessarily change the probability of the targets being met, it does require scrutiny from investors. 💡 Our analysis finds that two of the bonds referencing the longer 2030 targets may still reference the original absolute targets, which are now harder to be met, and this could result in a higher option value for those securities. Read the full paper here 👉 https://lnkd.in/e6RBc8dG Written by Emiel Mohamed Loh, Prahalad Prasad, and Josephine Richardson #FixedIncome #SustainabilityLinkedBonds #Holcim #TransitionFinance
Anthropocene Fixed Income Institute’s Post
More Relevant Posts
-
What does Europe’s rebranded cement association – Cement Europe – stand for? Listen to the full special crossover episode https://lnkd.in/exGWEdW8. Koen Coppelholle, CEO of Cement Europe, sits down with David Bizley to explore the industry’s new direction, the Cement Action Plan, and the policy landscape shaping the road to net zero. #CementIndustry #Policy #Sustainability #WorldCementPodcast #CementEurope
To view or add a comment, sign in
-
🌍 What emission factor should be allocated to secondary gold of unknown origin? This is the critical question our Working Group at the Precious Metals Impact Forum (PMIF) has been addressing. For too long, most of the industry has treated secondary gold as carrying zero emissions. But gold has no true end-of-life: it circulates endlessly, and its extraction has already released vast amounts of carbon. To ignore this is to risk greenwashing. Our debates explored: 🔹 How many “lives” a piece of gold can realistically have, from jewelry, to investment bars, to electronics. 🔹 Whether averages or product-specific lifespans should guide allocation. 🔹 The limits of current approaches (GHG Protocol, EU PEF, ISO, SBTi) that either under- or over-allocate the footprint. 🔹 The importance of robust definitions of recycled gold and reprocessed gold, adopted by PMIF to prevent greenwashing . 📌 Next step: In October and November, we will reach out to key stakeholders across industry, civil society, and policymakers to gather feedback before finalizing our recommendation. This is not just a technical adjustment. It is about integrity in how we account for emissions, and about ensuring gold plays its role in addressing climate change. 👉 Should secondary gold of unknown origin carry a share of the historical extraction burden, or only today’s recycling emissions? We look forward to your views. #Sustainability #ClimateAction #Gold #CarbonFootprint #EmissionFactors #CircularEconomy #PMIF
To view or add a comment, sign in
-
-
Automotive recycling makes up 75-84% of total PGM recycling supply, depending upon the metal, with palladium the dominant metal when it comes to the economics of automotive recycling. The recyclability of platinum is becoming increasingly key to overall platinum supply, as developed economic PGM mine reserves deplete. Read more... https://bit.ly/48gTUFl
To view or add a comment, sign in
-
-
As the world accelerates toward a low-carbon future, collaboration is shaping the next era of aluminium. Fabio Martins, CEO – Billet & Head, International Marketing at Vedanta Aluminium, and a Board Member of the International Aluminium Institute (IAI), recently participated in the IAI Board Meeting with 24 other leading global aluminium producers. The discussions centered on ESG strategy, trade policy, recycling, climate action, health & safety, and bauxite residue management, vital themes driving the industry’s sustainable transition. The engagement reaffirms our commitment to building a responsible, innovative, and future-ready aluminium industry through global collaboration and shared purpose. #VedantaAluminium #MetalOfTheFuture #Sustainability #ESG #AluminiumIndustry
To view or add a comment, sign in
-
-
Belgian firm Holcibel, a fully-owned subsidiary of Holcim Group, has entered into a conditional agreement to sell its entire 52.1 percent stake in Holcim-Liban to B.Z.L Cement Holding and North Pine (Holding). Holcim Group, the ultimate parent company of Holcim-Liban, is a Swiss-based global manufacturer of building materials.
To view or add a comment, sign in
-
Trending News of the day, featuring Aluminum Corporation Of China Limited, Circular Action Alliance and Gränges Group News 1: Chalco made an agreement with Chinalco, Yunnan Copper & other partners https://lnkd.in/gcke7j3n News 2: Ashland Recycling Centre expands with new RecycleOn facility https://lnkd.in/gTgBTYYX News 3: Granges showcases resilience in Q3 2025 with strong sales, steady profits and strategic gains across global aluminium markets https://lnkd.in/gxqfmE_W
To view or add a comment, sign in
-
What if our new report was a cookbook for #cement decarbonisation... 👀 Would you go for a lite cement with low clinker content? Or maybe a carbon capture special with up to 95% emissions reduction? Whatever your taste, this report (or cookbook) will have something for you, helping decarbonise this crucial sector on the path to #climateneutrality by 2050. 🍽️ Swipe through to explore the different net-zero pathways for the cement industry. Check out MLex's article from last week, mentioning our new report: https://lnkd.in/dPjTpv5F 🔗 Read our cement report here: https://lnkd.in/dkbUezhr #industrialdecarbonisation #climateaction
To view or add a comment, sign in
-
Live from our annual event 📣 #Cement has always been the foundation on which Europe builds and it continues to power the continent’s future. Our President Jon Morrish launched the Cement Action Plan, a blueprint to power competitiveness and enable Europe’s clean industrial transition. The message is clear: Europe’s cement industry is ready to deliver low-carbon, circular materials but achieving this requires the right regulatory, funding and infrastructure conditions. 📘 Read the Cement Action Plan here: https://lnkd.in/dbH-u3jq #Cement2050 #CleanIndustrialDeal
To view or add a comment, sign in
-
-
🌱 Decarbonizing Cement: Time to Rethink, Reprioritize, and Act To lower their emissions and meet with sustained demand for green building materials, cement players must continue their decarbonization journey. Challenging business cases, with heavy CAPEX involved and limited green premium expected, show that green cement producers now should: • Reprioritize and derisk projects - adjust business cases with conservative assumptions on volumes and prices, delay marginal investments, and maximize public funding • Sharpen commercial strategies - target offtake agreements, differentiate products, expand reach beyond traditional markets and explore new ways of selling • Lower operating costs - optimize industrial footprint and launch performance programs Now is the time to align stakeholders and accelerate the transition. To get the full study, and discuss how we can drive meaningful change in the industry, reach out to our experts: Ambroise Lecat David Frans Dr. Kai Schober Matthias Van Steendam Clement Audouin Solène Demay #RolandBerger #GreenCement #Decarbonization #Sustainability #IndustrialTransformation
To view or add a comment, sign in
-
Cement recycling and decarbonization is a hot topic, with many leading players launching new products and partnerships. However, with heavy CAPEX requirements and limited green premiums expected, actors need to move wisely: Prioritize CAPEX, Sell differently, Cut costs, Repeat. Really glad to have contributed to this study, together with Ambroise Lecat David Frans Dr. Kai Schober Clement Audouin Solène Demay Francois Castelein If you're interested, please reach out to us to get the full version of the study. #RolandBerger #GreenCement #Decarbonization #Sustainability
🌱 Decarbonizing Cement: Time to Rethink, Reprioritize, and Act To lower their emissions and meet with sustained demand for green building materials, cement players must continue their decarbonization journey. Challenging business cases, with heavy CAPEX involved and limited green premium expected, show that green cement producers now should: • Reprioritize and derisk projects - adjust business cases with conservative assumptions on volumes and prices, delay marginal investments, and maximize public funding • Sharpen commercial strategies - target offtake agreements, differentiate products, expand reach beyond traditional markets and explore new ways of selling • Lower operating costs - optimize industrial footprint and launch performance programs Now is the time to align stakeholders and accelerate the transition. To get the full study, and discuss how we can drive meaningful change in the industry, reach out to our experts: Ambroise Lecat David Frans Dr. Kai Schober Matthias Van Steendam Clement Audouin Solène Demay #RolandBerger #GreenCement #Decarbonization #Sustainability #IndustrialTransformation
To view or add a comment, sign in
More from this author
Explore content categories
- Career
- Productivity
- Finance
- Soft Skills & Emotional Intelligence
- Project Management
- Education
- Technology
- Leadership
- Ecommerce
- User Experience
- Recruitment & HR
- Customer Experience
- Real Estate
- Marketing
- Sales
- Retail & Merchandising
- Science
- Supply Chain Management
- Future Of Work
- Consulting
- Writing
- Economics
- Artificial Intelligence
- Employee Experience
- Workplace Trends
- Fundraising
- Networking
- Corporate Social Responsibility
- Negotiation
- Communication
- Engineering
- Hospitality & Tourism
- Business Strategy
- Change Management
- Organizational Culture
- Design
- Innovation
- Event Planning
- Training & Development
Sustainable Finance / Green Bonds / Carbon Transition / Coal Managed Phaseout / Certified Chair™ Board Advisor / CFA charterholder / Risk Management
1wThanks for sharing - quick question: how often do you see companies changing their corporate perimeter recalculating their KPIs/SPTs?