CESGA case studies
CESGA · Put your knowledge to work in context.
The EFFAS Certified ESG Analyst® (CESGA) is a professional certification offered by EFFAS, the European Federation of Financial Analysts Societies. EFFAS describes itself as setting the standard for investment professionals since 1962 and reports 15 national member societies in Europe, more than 18,000 professionals represented, and over 29,000 certificate holders worldwide. The CESGA case studies are 5 cases and about 4,280 words.
1Carbon costs, WACC and a cement producer's DCF
Clara manages a €450m European equities fund and is underwriting Aurelia Materials, a cement and lime producer with 4.2 Mt CO2e of Scope 1 emissions. Roughly 70% of those emissions receive free EU ETS allowances, a volume that falls each year as the CBAM phase-in begins in 2026.
953 words, about 5 min2Flood exclusion and CRREM stranding in a logistics portfolio
Jens advises a Danish pension fund on a €1.4bn European logistics portfolio: 22 assets in the Netherlands, northern Germany and Belgium. Flood mapping places six assets in high-risk zones, and from 2026 the insurer excludes stormwater flooding at the two Rotterdam sites after raising premiums 40%.
831 words, about 4 min3Labour allegations and control at a dual-class sportswear maker
Priya covers consumer discretionary for a €900m global equity fund and holds 1.8% of Vantara Sportswear, a London-listed mid-cap with €3.1bn revenue. An NGO report alleges that two Vietnamese suppliers pay below a living wage and that a Bangladeshi supplier dismissed 40 union organisers; Vantara's own audit found no material breaches.
816 words, about 4 min4Net-zero naming, PAI gaps and mixed ESRS/ISSB reporting
Tomás is sustainability reporting lead at an EU asset manager running a €6bn Article 8 fund marketed as transition-aligned. Of its 180 holdings, 60 are EU large caps reporting under ESRS for FY2025, 90 are non-EU companies reporting only under ISSB S1 and S2, and 30 are SMEs with no sustainability statement.
815 words, about 4 min5Passive net-zero fund: coal exclusion, proxy votes and lent shares
A €2bn global developed-market passive equity fund tracks a broad market index. The fund has a 2040 net-zero commitment and holds 0.9% in thermal coal miners and 4.2% in integrated oil and gas.
865 words, about 4 min