Societe Generale is enhancing its environmental credentials by partnering with Altalurra Ventures in a €4.5 million investment round for impact analysis and ratings agency impak Ratings.
Established in 2019 with locations in Montreal and Paris, impak Ratings evaluates how companies manage their negative impacts and create positive outcomes, aligned with the UN’s 17 Sustainable Development Goals. The agency examines both the ESG risks related to a company’s business model and its effects on the environment and society.
Beyond the investment, Societe Generale selected impak Ratings in December 2021 to provide impact analysis for its major corporate clients and integrate these ratings into the bank’s standard business practices.
“Understanding our clients’ environmental and social challenges is crucial for guiding them on their sustainability journey," stated Pierre Palmieri, head of global banking and advisory at Societe Generale. “By partnering with the start-up through Societe Generale Ventures, we are contributing to the acceleration of our clients’ environmental and social transformations.”
Additionally, Altalurra is collaborating with impak to develop impact assessment ratings intended for institutional investors.
Paul Allard, co-founder and CEO of impak Ratings, remarked, “Our partnership with Societe Generale is significant and reinforces impak’s standing as a leading impact analysis and rating agency in Europe. It highlights the financial sector’s shift towards responsible and impactful finance."
For further engagement on sustainable finance topics, Finextra has announced its fifth Sustainable Finance Live conference and hackathon, set for 29 November. More details and registration can be found on the event page here.