Dutch regulator warns of €97bn ‘water scarcity’ risk

first_imgThe Dutch regulator warned investors about companies with exposure to raw materialsDNB also found that pension funds had invested €56bn in companies dependent on “critical” commodities that were vital to the European economy.“Due to scarcity or geopolitical factors, the supply of these raw materials may be jeopardised,” DNB said. “This can affect financial institutions that invest in companies that depend on these raw materials.”Such commodity-related investments represented more than 9% of pension funds’ securities holdings, it said.Based on a sample survey of 25 financial companies, including 10 pension funds, DNB concluded that most of them could improve integration of their sustainability goals into their operational management.Although all surveyed organisations had a sustainability policy, only four regularly analysed their portfolios for social and ecological risk, the regulator found.DNB advised financial groups to carry out analysis to prevent reputational risk as a possible result of unfulfilled expectations or broken promises.However, it highlighted that it did not advise against taking risks.“For example, by managing water scarcity risk rather than divesting holdings, it is possible to both limit the risk and achieve an impact,” the regulator said. Dutch regulator De Nederlandsche Bank (DNB) has urged pension funds to map out social and ecological risks to their investments and minimise underlying problems if necessary.In a report published this week, DNB explored the potential financial risks posed by a number of environmental, social and corporate governance (ESG) issues, including water and commodities scarcity, loss of biodiversity, and disputes about human rights.According to the regulator, Dutch pension funds, insurers and banks had combined investments of €97bn in companies operating in areas with an “extreme high water scarcity”.“When this scarcity turns into a shortage, corporate facilities can only function limitedly at best,” it said, adding that local authorities could also tighten regulation for water usage. DNB reported that the €97bn of assets comprised €83bn of equity holdings, 94% of which was owned by pension funds.The watchdog cited a World Bank survey suggesting that, without adequate measures against water scarcity, economic output in some areas could drop by more than 6% by 2050.It also highlighted that the Australian economy shrank by 1% last year after a prolonged period of drought, while the Indian government shut down a Coca-Cola plant in 2014 for using too much groundwater.last_img read more

Fashionistas’ Byron pad sells for $3.25m, fancy furniture included

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:41Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:41 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMr Zimi house sells00:41A Byron Bay cottage styled by a glamourous pair of fashionistas behind label Mister Zimi has sold for $3.25m, with all the fancy furniture to boot.The glamorous couple, Zoe and Jimi Paul, had listed the boho-style house at 22 Kingsley Street with a price guide of between $3.2 million and $3.3 million, with interested buyers told to “just pack your toothbrush”. The couple behind the fashion label, Mister Zimi, has sold this house at 22 Kingsley St, Byron Bay.Records show the designer pair bought the plush pad in 2016 for $1.97 million, and have since renovated it and styled it meticulously.The five-bedroom, two-bathroom home sits on a 505 sqm block has a separate studio out the back with its own ensuite, office, deck and private courtyard. The back of the house at 22 Kingsley St, Byron Bay.Inside is a contemporary kitchen with subway tiles and stainless steel appliances, oak timber floors and white interiors with wicker and wood accents.It is a short stroll from Byron’s famous beaches, popular cafes and boutiques — including Mister Zimi itself which is just 500 metres down the road. Inside the house at 22 Kingsley St, Byron Bay.The property was advertised for rent in 2018 for $2240 a week.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoOn the official Mister Zimi Instagram page, the couple told their 230,000 followers when they listed the property, along with a caption that read: “And no we haven’t left Byron, just moved up the road.” Mister Zimi campaign images.The property was marketed by Christian Sergiacomi of Pacifico Property, who is the husband of ‘The Block’ star and television personality, Shelley Craft. Christian Sergiacomi of Pacifico Property sold 22 Kingsley Street, Byron Bay.last_img read more