Societe Generale is burnishing its environmental credentials by joining with Altalurra Ventures in a €4.5 million round in impact analysis and ratings agency impak Ratings.
Launched in 2019 and based in Montreal and Paris, impak Ratings assesses how companies mitigate their negative impacts and how they generate positive ones, all through the lens of the UN’s 17 Sustainable Development Goals. The startup studies not only the ESG risks to a company’s business model, but also the impact of a company on its environment and society.
In addition to its investment, Societe Generale chose impak Ratings in December 2021 as its partner to provide impact analysis for all its major corporate clients and integrate the ratings into the bank’s standard business processes.
“Having a good understanding of our clients’ environmental and social issues is essential in supporting them with their sustainability roadmap," says Pierre Palmieri, head of global banking and advisory, SocGen. "By welcoming the start-up into Societe Generale Ventures, Societe Generale is contributing to accelerating the environmental and social transformation of its clients’ activities.”
Altalurra is also co-developing impact assessment rating with impak for use by institutional investors.
Paul Allard, co-founder and CEO of impak Ratings, comments: “The announcement of our partnership with Societe Generale is significant and confirms impak’s positioning as a leading impact analysis and rating agency in Europe. It shows the acceleration of the financial sector’s transformation towards responsible and positive impact finance."
Finextra recently announced its fifth Sustainable Finance Live conference and hackathon, scheduled to take place on 29 November. For more information and to register for this event, please visit the event page here.