Apple issues second green bond, a $1 billion bond to finance renewable energy & closed-loop supply chain

Yesterday Apple issued its second “green bond”, a $1 billion bond dedicated to financing renewable energy, energy efficiency at Apple facilities and throughout its supply change, to close its supply chain loop, and procure safer materials for its products. 

The bond offering includes a specific focus on helping Apple meet a goal of

  • developing a closed-loop supply chain and
  • using only renewable resources or recycled material in the manufacture of its products.

The bond is to mature in 2027 and will yield 95 to 100 basis points more than Treasuries. Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. arranged the sale.

Investors are seeking lower-carbon investments. Demand for green bonds is growing significantly.

According to the Climate Bonds Initiative, in 2016 $81 billion of green bonds were issued. This is double the number of green bonds that were issued in 2015.

See:

Apple Issues a Second Green Bond to Finance Clean Energy” | Alex Webb, Bloomberg, 13 June 2017

Apple issues $1 billion green bond after Trump’s Paris climate exit” | by Valerie Volcovici, Reuters, 13 June 2017

Climate Bonds Initiative | “Climate Bonds Initiative is an international, investor-focused not-for-profit. We’re the only organisation working solely on mobilising the $100 trillion bond market for climate change solutions.”

#Apple #finance #greenbond #GoldmanSachs #BankofAmerica #JPMorganChase #renewableenergy #cleanenergy #investments #bondmarket #climatechange #climatechangesolutions

 

 

New York’s Metropolitan Museum of Art changes leadership structure

New York’s Metropolitan Museum of Art announced yesterday that Daniel H. Weiss, who has served as president and chief operating officer of the Met since 2015,  will now serve as president and chief executive.

This appointment, decided by the Board of Trustees, represents an organizational shift for the museum.  In prior years the director has served as chief executive.

As both president and chief executive, Dr. Weiss will lead the administrative operation of the museum and will have the “worry about day-to-day matters like security, restaurants and maintenance.”

The next director will oversee the museum’s “core mission functions” –  curatorial focus, acquisitions, exhibitions, publishing program, conservation efforts, and library – and will report to Dr. Weiss, the chief executive.

Both chief executive and director will serve on the Board of Trustees. They will establish the museum’s priorities together.

See:

In an organizational shift, Met president Daniel Weiss takes over as chief executive” | Pac Pobric, The Art Newspaper, 13 June 2017

Met Museum Changes Leadership Structure” | Robin Pogrebin, The New York Times, 13 June 2017

#MetropolitanMuseumofArt #theMet #art #museums #DanielHWeiss #collections #NewYork #realestate

 

 

Andrew Goldstein on Great Art @ Art Basel

Andrew Goldstein, Editor-in-Chief of Artnet and formerly of Artspace, pronounces on “the ten best artworks at Art Basel 2017.”

Included are Francis Bacon’s painting “Study from the Human Body – Figure in Movement” (1982), offered by the Marlborough Gallery, New York, for $25 million and  Christopher Wool’s sculpture”Untitled” (2014), offered by Luhring Augustine, New York, for $2.2 million.

Mr. Goldstein observes that Bacon’s “Study from the Human Body – Figure in Movement,” obtained by the gallery directly from Francis Bacon just before he passed away,  features

“marquee elements of a major Bacon—the spooky transparent box (evoked memorably in the new “Twin Peaks”), vigorous coloration, and mutant figure in apparent agony—the painting advances Bacon’s interest in the body in movement, a subject he often painted from photos in sporting magazines.”

Of Christopher Wool’s “Untitled,” Mr. Goldstein recounts the inspiration that led the artist towards “a new way to translate his painterly aesthetics into sculpture”:

“some years back, the artist Christopher Wool was walking the wide streets of Marfa, Texas, when he came across an unusual tumbleweed that had formed in the desert out of barbed wire. Looping and gnarly, it reminded him of his abstract paintings …”

See:

The Best 10 Artworks at Art Basel 2017” | Andrew Goldstein, Editor-in-Chief, Artnet, 14 June 2017

#art #contemporaryart  #artcollections #artmarket #FrancisBacon #ChristopherWool #MarlboroughGallery #LuhringAugustine #Artnet #Artspace #collections #collecting #realestate #ArtBasel

Lévy Gorvy’s Brett Gorvy speaks

Lévy Gorvy, the gallery

What we do see ourselves as is a boutique, a haute-couture gallery that ultimately adapts itself and takes advantage of market changes and opportunities but is very sustained and has growth over a longer period of time.

It’s incredibly important to Dominique and myself that we are an individual company. We’ve committed ourselves financially to this project with the understanding that we can work with any business partner where it will be mutually beneficial, with no conflict of interest.

It will also be about painting, because what we really responded to in Dan’s studio is that he’s returning to his roots in a way that’s very much to our own tastes, where it’s less about the conceptual pieces and more about just really beautiful painting.

The only way these kinds of shows can be feasible is if you have a financial commitment and also a focus, which is how this kind of gallery works. Here I mean less from a purely curatorial aspect, and more curatorial in that it’s highly focused on our client base from a business point of view, and on the art-collecting sphere we feel very close to.

Auction background

Working at an auction house is a phenomenal training, obviously—you have access to great art, you have access to an amazing group of collectors who become your friends, and you learn how to work as a team, which is incredibly important within this environment. But you also learn ultimately how to understand the valuation of works of art and price them.

because of our strong auction background, we have very close ties with now all three auction houses. That gives us an understanding of how markets work and how values work, because we can dissect the results of the auctions at all three houses and know exactly what happened.

Art fairs

If you look at how an art fair can ultimately change, communication will be a large part of it. … So now they’re going to have to get to the fair in the first half hour, because that’s when these things happen. … The key is to get someone as committed as they would be to an auction picture, to the point where the only thing they need to do is see it physically, which is obviously a crucial part.

Asia

I’ve done a lot of work in Asia over the years, and we want to continue our position there. We believe very firmly in the strength of the market there, not just in China but all over Asia, and, having worked there, you know all of the nuances, and who are the people to deal with.

So, from our point of view, Hong Kong is where we’ll have the best access to the top collectors who we can ultimately develop. One of the most exciting aspects about Asia is that the learning curve of Asian collectors is phenomenal. I’ve never come across that speed of understanding markets and artists and desiring to learn more and read more.

And in Hong Kong too—we really need an office in Hong Kong in order to function, because a lot of clients want to have a base outside of mainland China, either because they want to have their assets outside of the mainland or because they prefer that way of buying. It’s like with a lot of West Coast collectors in America—they prefer to come to New York to buy, even if it’s from a dealer who has a gallery out on the West Coast. People buy more when they’re traveling.

See:

Former Christie’s Rainmaker Brett Gorvy on How He’s Creating a New Power Center in the Gallery World” | Andrew Goldstein, Artnet, 12 June 2017

#art #artmarket #LévyGorvy #DominiqueLévy #BrettGorvy #collectors #collections #Asia #HongKong #Christie’s #Sotheby’s

 

 

clean air & energy | no longer infinite commodities?

“My generation, as a baby-boomer, looks at clean air and energy as infinite commodities. The generation coming up looks at it totally differently.”

Tony Milikin, Chief Sustainability Officer, Anheuser-Busch InBev

Some American firms are taking climate change so seriously that they are surprising even former critics.

Such commitment includes energy-efficiency measures and new wind and solar projects that companies are helping to build around the world.

Rather than buy the bulk of their power from utilities, which can rarely guarantee 100% clean energy to their customers, companies are using power-purchase agreements (PPAs). Through PPAs companies sign long-term contracts to buy clean electricity at agreed prices from firms that develop solar and wind farms.

See:

Big business sees the promise of clean energy” | The Economist, 10 June 2017

#PPA #powerpurchaseagreement #energy #cleanenergy #windenergy #solarenergy #cleanelectricity #AnheuserBusch

Market Solutions for Environmental Challenges

Goldman Sachs today signed a long-term Power Purchase Agreement (PPA) with a subsidiary of NextEra Energy Resources, LLC.

The agreement will enable the investment and development of a new 68 megawatt wind project in Pennsylvania. The wind project is expected to facilitate up to 150 construction jobs and, once operational, result in the reduction of more than 200,000 tons of greenhouse gas emissions every year.

Goldman Sachs reiterates its commitment to market solutions for environmental challenges.

 “We are committed to being a leader in the development of renewable energy. By enabling this new wind project to come online, the agreement will help grow the renewable grid and contribute to the momentum behind a lower carbon economy.”

Lloyd C. Blankfein, chairman and chief executive officer of Goldman Sachs

The PPA with NextEra Energy Resources is a collaborative effort between Goldman Sachs’ commodities trading group (J. Aron) and its Corporate Services and Real Estate department.

Goldman Sachs has achieved its carbon neutrality commitment. The company is working towards achieving its goal of 100 percent power for its global electricity needs by the year 2020.

Goldman Sachs is a member of the RE100 initiative, “the world’s most influential companies, committed to 100% renewable power.”

See:

Goldman Sachs Signs Long-Term Power Purchase Agreement to Spur Renewable Energy Growth and Jobs” | Press Release, 12 June 2017

Our Operational Impact” | Goldman Sachs Environmental Stewardship

RE100

#realestate #resilience #cleanpower #renewableenergy #windenergy #PPA #GoldmanSachs #tech #greenhousegasemissions #climatechange #market #marketsolutions

 

Downtown San Diego | early morning vistas

Early morning vistas.

San Diego is, indeed, beautiful and has what is widely acknowledged as one of the best, if not the best, micro-climate in the United States. Very Mediterranean.

Why “tech”, that I appear to mention so often and that is taking root in the downtown San Diego economic eco-system?

“Tech,” in my mind, is no more than information gathering, processing, analyzing, reporting, and using, with certain questions asked (by people), the questions usually having to do with certain industries (art, finance, transport, design, building and construction, chemistry, physics, aerospace engineering, entertainment, etc.).

Sort of like groups of individual Marines gathering, processing and using information, on steroids.

Why pay attention to tech in downtown San Diego? Some of these companies have just appeared downtown, willy nilly, not according to the city plan. People in the tech industry generally speaking make more money than those working in the hospitality industry (housekeeping, serving tables, etc.). It is money generated here rather than earned elsewhere and brought here by visitors, tourists, and buyers of second or third homes.

 

#SanDiego #downtownSanDiego #realestate #resilience #art #tech #technology #finance #urbanliving #urbanluxury

 

 

 

 

a ‘mainstream’ approach to ESG | finding the “metrics that matter”

Goldman Sachs highlights “the metrics that matter, a ‘mainstream’ approach to ESG.”

Seeking to identify companies with long-term growth potential, Derek Bingham of Goldman Sachs Research’s GS SUSTAIN team and his colleagues study which sustainability measures most closely align with returns over time.

Investors can improve their risk analysis and returns, he says, by identifying sustainability metrics that offer hard data (e.g., resource efficiency for a metals company, employee turnover for an investment bank) that correlate with a company’s long-term stock performance.

There is an opportunity for portfolio managers to identify which ESG metrics matter most and invest accordingly.

Bingham recommends a “holistic view” and discourages the “silo” effect.

Listen to the Goldman Sachs podcast Episode 63: The Metrics that Matter – A ‘Mainstream’ Approach to ESG”

#GoldmanSachs #ESG #riskanalysis #investmentreturns #resilience #data #metrics #finance #longtermgrowth

Episode 63: The Metrics that Matter – A ‘Mainstream’ Approach to ESG” | Derek Bingham, GS SUSTAIN, Goldman Sachs Research, & Jake Siewert, Global Head of Corporate Communications, Podcast: ‘Exchanges at Goldman Sachs,’ recorded 2 May 2017

 

 

 

Benchmarks | the movingly beautiful tracings of El Anatsui’s work

Now on exhibit at London’s October Gallery, Benchmarks are a testament to the richness and elegance of El Anatsui’s creative genius.

A graduate of Kwame Nkrumah University of Science and Technology in Kumasi, Ghana, El Anatsui not only believes that, as an artist, he must work ‘with whatever his environment throws up,’ he is passionately curious about the physical history of the materials themselves, the stories they contain and the journeys that bring them into his hands.

The journey countless numbers of bottle tops, several bags of which were eventually discarded by a local liquor shop and happened upon by El Anatsui, have taken along the ways of West African trade inspired his iconic and elegant bottle-top installations and hangings.

Made from thousands of aluminium bottle-tops wired together with copper, the humble materials from which the cloth-like metallic masterpieces are made are embedded with multiple cultural, historical, and socio-political histories. El Anatsui draws out and reframes the stories and journeys behind these histories with the incredible skill, mastery, and grace of a master storyteller and creative genius.

Turning his attention to the tables and smaller flats of wood on which these  countless numbers of bottle tops were pounded, crushed, folded, and pierced as they journeyed and were transformed into works of art, El Anatsui has created the prints which he has, in one of his many moments of genius, entitled “Benchmarks”.

The tables and flats, that after so much pounding manifest a landscape of textured relief, were brought to the studio of Factum Arte, a team of artists, technicians and conservators based in Madrid, London, and Milan. Well known for its synergy of past, present and future techniques, Factum Arte is dedicated to digital mediation – both in the production of works for contemporary artists and in the production of facsimiles as part of a coherent approach to preservation and dissemination, and, much like El Anatsui artistically investigating the journeys and histories of local materials, pushes the boundaries between technology and craft.

At Factum Arte, the tables and flats were

3-D scanned at a very high resolution, routed onto aluminium plates and then printed through an etching press. Black ink was used to access the textural information held both in the intaglio and on the surface; others were worked upon in colour, while others still with chine collé laminates. The artist played with endless combinations and permutations of the resulting prints to create the syntheses

that he calls “Benchmarks” and are now on exhibit at October Gallery.

For one particularly direct work, coloured ink was laboriously dabbed onto dampened Japanese paper overlaying a large and highly textured tabletop, producing a detailed relief print that bears witness to many years of accumulated mark-making.

Genius at work at the interface and interactions of culture, histories, materials, science, technology, trade, media, work, art, and craft. So moving and so amazingly beautiful.

See:

El Anatsui’s Landmark ‘Benchmark’ Prints at October Gallery” | Nicholas Forrest, BlouinArtinfo, 27 April 2017

Benchmarks: New Prints by El Anatsui | Exhibition at October Gallery, London, 6 May – 13 April 2017

Factum Arte

#ElAnatsui #OctoberGallery #art #materialsscience #technology #FactumArte #prints #bottletops #Japanesepaper #3Dscans