TRADE FINANCE AND LENDING: FURTHER READING Editor’s selection
It’s been an exciting year in trade finance and lending. Don’t miss the top three articles from the flow website that we consider essential reading. Here are our editorial picks
North Sea energy security
As the world is transitioning away from hydrocarbons to clean energy sources, producers such as Norwegian Energy Company ASA (Noreco) ensure that there is enough oil and gas to keep the lights on during the transition period. To do so – while improving its carbon footprint at the same time – Noreco is currently redeveloping its Tyra field in the North Sea, a central hub for gas exports. Replacing the old infrastructure and installing new jackets and topsides will need an estimated investment of more than US$3.3bn. In addition, plans are under way for Noreco to introduce renewable power via electrification projects, reduce flaring off in gas fields and phase out chemicals. This case study looks at how a sustainability-linked reserve-based lending (RBL) facility with five banks – BNP Paribas, Deutsche Bank, ING Bank, Lloyds Bank and Natixis – is financing the redevelopment of the Tyra field.
Transition metals: in the fast lane?
With the automobile industry shifting up a gear on accelerating average selling prices and electrification, what does this mean for transition metals? For copper in particular, Deutsche Bank Research forecasted in January 2022 that by 2030, “electric vehicles alone could boost copper demand by around 2.5 million tonnes per annum, or 11% of global refined copper demand in 2020”. The red-gold metal is a core component in electrics because of its conductivity properties and its malleability for wiring. Electrics make up around 60% of global demand and copper is found in wiring, cables and connectors, including vehicles and consumer electronics. Around 20% of output is used in construction due to its resistance to corrosion. Where is copper sourced from and how does this affect inflation? This article provides answers.
EU tightens the ESG reins in supply chains
The European Commission has proposed a new regulation to foster sustainability in corporate supply chains. If it is enacted, companies will be required to ensure that human rights are respected and environmental impacts are reduced in their own operations and value chains. “Directors of companies will be held responsible for putting in place and overseeing the company’s supply chain due diligence programme,” explains Lavinia Bauerochse, Global Head of ESG Corporate Bank, Deutsche Bank. The regulation will initially apply to companies that have upwards of 500 employees and global turnover exceeding €150m. Two years later, companies operating in “high-impact sectors” such as textiles, agriculture and extraction of minerals, and that have more than 250 employees and a global turnover of at least €40m, will also be subject to the law.
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