L&Q Incurs Penalty on $400 Million of Bonds as ESG Target Missed
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London & Quadrant Housing Trust has missed a key emissions target, triggering a penalty that will require it to pay a higher interest rate on £300 million ($401 million) of its bonds.
The UK housing association said on Friday it had failed to cut its so-called Scope 1 and 2 greenhouse gas emissions by the targeted 20% relative to a 2020 baseline. Scope 1 and 2 refers to emissions tied to an issuer’s own operations, and excludes those of clients and vendors.