Of the totality of green emissions globally who claim to have such a label, only about 40% really are, said Sophie Del Campo, executive director and head of distribution for southern Europe, Latin America and the United States at natixis.
In an interview, he said that in the world, starting with Europe and the United States, companies are increasingly incorporating more criteria Environmental, Social and Governance (ASG) to your plan investments. In fact, Europe is a pioneer in this, since its main concern is the carbon footprint.
The directive mentioned that this concern increased as a result of the Russian invasion of Ukraine in February 2022. “Since the war broke out, we have seen that energy independence has become an absolute necessity and a real concern on the part of companies and individuals , which are already beginning to be more sensitive in this sense”.
Del Campo said that it has become unsustainable “to continue doing what we have been doing for so many years in the same way, without worrying about the planet’s biodiversity or climate change.”
He explained that while it is true that countries with emerging economies, such as Mexico, are somewhat behind in this regard, the reality is that they are also highly dependent on what happens in other parts of the world.
What is a fact is that from now on “any investor who decides to invest in Mexico or in any other emerging country, will ask the entity where they want to allocate their resources to present their plan on what they are doing on the issues ASG”.
This, he said, “is a virtuous circle as companies will need to make the transition more quickly.”
Afores, pioneers
Speaking about Mexico, the directive of natixis He said that financial system regulators are already taking these issues seriously, especially the National Retirement Savings System Commission (consar).
Although European legislation on green bonds It is a spearhead, it has permeated other territories.
In Mexico, for example, the consar it has adopted many of the European ideas. In fact, the Afores already have the obligation to incorporate issues of ASG and to report them. There are some that are already very advanced and others that are slower. “Then companies come under pressure.”
He explained that “the Afores are pioneers in this matter. They are going to push the market because the companies where they decide to invest will have to present their ESG projects because it is already part of the regulation that governs them, ”he said.
In addition, he added, “there are no international investors who do not ask us to incorporate ESG issues into their investment portfolios with more or less intensity. It’s something that should be done.”
According to Sophie del Campo, a problem they have faced is that not all emissions that claim to be green are actually green. In fact, in mirova (a subsidiary of natixis), about 40% of the bonds that are classified as green are actually so.
He explained that many bonds are discarded due to financial issues, since the objectives set at the beginning are not always met, nor are the guidelines of what a green issue should be.
“People often forget that behind any sustainable fund, whether fixed or variable income, one of the purposes is the optimization of financial gains. The financial issue should not be sacrificed for sustainability. They shouldn’t be fighting.”
On the other hand, there are industries where Mirova will never invest, such as tobacco, “because it goes against our principles, that is, we will never finance companies that destroy people’s lives, that poison the environment.”
He explained that “we are also aware that there are other industries, such as the oil industry, that cannot transition from dirty to clean energy from one day to the next. They take time. There we have to work hand in hand with them as managers to help them in that transition”.
In this sense, he said, it must be seen that the long-term plan of these industries is ambitious and complete and that they set the goal of moving from dirty to clean energy. “That’s the only way we look at those companies.”
However, Sophie Del Campo recognized that to date there are few oil companies that have long-term plans that include a sufficiently ambitious and comprehensive plan in this regard.
it will be profitable
For Sophie del Campo, in the long term, the actions of companies that issue debt with ESG criteria will be recognized by the market. The prize then will be high because the tendency is to go there. “There is no turning back on these issues.”
The board expects that by 2040 100% of the products offered by Natixis will be green.
For his part, Mauricio Giordano, director of Natixis Mexico, said that Mexico is doing well on these issues.
There are even transnational Mexican companies and they are the ones that are pushing this in the country.
“A transition stage is required. It’s not that easy. There are industrial companies in the north of the country, with a good relationship with the United States that are pushing the issue”.
The manager said that the country’s economy looks better this year than in 2022, with an exchange rate “at interesting levels.”
“The nearshoring thing is very interesting because it will attract, if it is not already doing so, important investments from the United States.
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