Old National Bancorp
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Financials : Banks | Small Cap Value
Company profile

Old National Bancorp is a financial holding company. The Company, through its wholly owned banking subsidiary, Old National Bank, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other banking services. Its banking centers focuses on providing a group of community banking services. It provides treasury management, merchant, and capital markets services as well as community development lending and equity investment solutions for businesses. Its loans consist primarily of loans made to consumers and commercial clients in various industries, including real estate rental and leasing, manufacturing, wholesale trade, construction, and agriculture, among others. In addition to providing lending and deposit services, it offers wealth management, investment, and foreign currency services. Its banking centers are in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, and Wisconsin.


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Execs stick to climate goals for now, but a weaker economy could change their minds

11:45 am ET January 31, 2023 (MarketWatch)

By Rachel Koning Beals

Honeywell's global survey revealed that nearly 98% of organizations have been at least somewhat successful in achieving one or more sustainability goals over the past 12 months

Corporate executives are worried about economic headwinds, but these concerns aren't yet enough to knock them off sustainability goals such as slashing electricity waste, adopting alternative energy over oil and gas, or tracking greenhouse gas emissions.

That's the findings of Honeywell International Inc.'s(HON) second quarterly survey of corporate management. The survey queried 750 global executives that are, or function as, sustainability officers. Respondents ranged from players in heavy industry to the financial-service firms funding business operations throughout the private sector.

According to the survey, released Tuesday, sustainability goals continue to be perceived among top corporate priorities, cited by 71% of organizations as of one of their top five issues.

But the report also found uneven adoption around the globe. North American organizations appear to trail most other regions in establishing long-term sustainability goals. Organizations in Asia Pacific prioritize sustainability goals more than any other region.

The findings, which Honeywell is looking to shape into its Environmental Sustainability Index for longer-term comparison tracking, reveals that the current economic and geopolitical environment negatively impacts the ability of organizations to successfully achieve their sustainability goals. Geopolitical tensions can be largely pinned on Russia's ongoing illegal war in neighboring Ukraine, both resource-rich nations whose fighting has roiled energy markets and risks knocking back the global economy.

While COVID 19 pandemic-related concerns were cited as the top barrier to sustainability success in the previous report, issued in October, economic concerns and their impact are now cited as the top anticipated barrier for sustainability efforts over the coming 12 months.

The U.S. economy grew at a seemingly snappy pace late in 2022, but it appears to have gotten off to a tepid start in the new year. The first batch of reports on the health of the economy in the first quarter suggest the U.S. could even contract again. Economists who work at the nation's largest banks see trouble ahead. They forecast GDP will be flat in the first quarter and shrink in the second quarter.

Honeywell's report found that when it comes to meeting sustainability goals by 2030, an anchor deadline year for numerous climate-focused commitments, there is an increased level of optimism quarter over quarter across all sustainability categories. That includes energy efficiency and an evolution to fuel alternatives, such as solar, wind, nuclear or hydrogen(ICLN). Sustainability officers are also targeting emissions reduction, pollution prevention and circularity/recycling of materials and end-products.

Large, publicly traded companies know that the Securities and Exchange Commission continues to iron out proposed regulations that will require uniform emissions reporting and other data, including emissions up and down the supply chain.

And to meet the changing requirements, "it's more than just embracing technology, businesses have to change culture," Vimal Kapur, Honeywell's president and COO, told MarketWatch.

"It's no longer just, I'll swap to LED lights and that's my energy transition. [Companies are saying] we need to change processes, we need to buy new technology and we need to change people," he said.

More key highlights from the study include:

Darius Adamczyk, chairman and CEO of Honeywell, said his company is in a unique position to gauge the big questions on sustainability by its customers and the business community at large considering that last year, over 60% of its annual revenue was from business lines such as sustainability software, chemical catalysts that turn old plastic into new, electric battery breakthroughs and other instrumentation geared for environmentally sound practices.

Plus, approximately 60% of Honeywell's R&D spending was directed toward ESG innovation. ESG is a broad label that includes Environmental, Social and Governance metrics, often lauded by corporations or investment management firms as a key layer of scrutiny for investments, and increasingly in demand by investors.

Honeywell itself committed in April 2021 to become carbon neutral in its operations and facilities by 2035 through a combination of further investment in energy savings projects, conversion to renewable energy sources, completion of capital improvement projects at its sites and in its fleet of vehicles, and utilization of credible carbon credits where needed.

-Rachel Koning Beals


(END) Dow Jones Newswires

January 31, 2023 11:45 ET (16:45 GMT)

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