This article is an on-site version of our Moral Money newsletter. Sign up here to get the newsletter sent straight to your inbox.
Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT
Welcome back to Moral Money, at the end of a week in which the Omicron coronavirus variant continued to wreak havoc across much of the world. The US recorded more than 1m confirmed cases in a single day. In developed countries, governments are rolling out booster shots and leaning ever harder on the minority of citizens who have refused to get vaccinated. But their counterparts in developing nations are struggling to get hold of vaccines at all. Fewer than 8 per cent of Africa’s 1.3bn people have been fully inoculated against Covid-19.
The companies that produce the vaccines are facing increasingly forceful calls to address this disparity (see our post on this from last month). Yesterday a group of 65 institutional investors with $3.5tn in assets wrote to Pfizer, Moderna, AstraZeneca and Johnson & Johnson, asking them to link executive and board pay to “the global availability of vaccines”. Achmea, the Dutch institution that organised the letter, said it planned to vote against executive packages that did not have this link.
The letter reflects growing pressure on companies to link their leaders’ pay with their environmental and social impacts. More than two-thirds of institutional investors want to see more of these links, according to an Edelman survey last year. While many companies have focused on paying executives for performance on carbon emissions targets, we can expect to see more of these calls for them to take social effects into consideration too.
Still, there’s been plenty more to think about beyond the Covid-19 chaos. We’ve seen a fresh burst of controversy over the EU’s landmark green taxonomy, and over the environmental impact of cryptocurrency mining. More on both of those below. See you next week. Simon Mundy
Nuclear and gas power fire up EU taxonomy row
Where the debate around European sustainability rules is concerned, 2022 has started with a bang. On New Year’s Day, a leak revealed that the European Commission was planning to include nuclear and gas power projects in its “sustainable finance taxonomy”, a classification system to steer investment towards green projects. The news has triggered a stand-off between various European politicians. But what are the market implications?
According to Nathan Fabian of the UN’s Principles for Responsible Investment initiative, the inclusion of gas and nuclear risks sapping investor confidence in the taxonomy and undermining its central purpose: galvanising a surge of capital towards low-carbon projects.
Fabian has a powerful voice in this debate as chair of the European Platform on Sustainable Finance, an expert advisory panel convened by the European Commission. “Markets like clarity, they like low transaction costs,” he told me.
If the taxonomy became a widely trusted guide to which assets were truly climate-friendly, he said, it would reduce the need for investors to carry out their own expensive assessments on that front. On the other hand, he added, “the harder you make it to use the tools, where there [are] blurry lines, that’s a scale killer. I think there is absolutely a risk there.”
There are multiple conditions around the sort of projects that will pass muster even if the current proposal does go through. Any natural gas plant receiving the seal of approval, for example, would need to have relatively low emissions, and must displace a more polluting fossil fuel installation.
In any case, it’s far from clear that the latest proposals will make it into the final version of the taxonomy. The proposal will face opposition in the European parliament from the likes of Dutch lawmaker Paul Tang, who told me last month of his resolve to resist an “unholy alliance” between French nuclear advocates and eastern European gas proponents, all keen to protect their domestic industrial interests.
The long-running, deeply politicised controversy over the taxonomy is already sparking unhappy mutterings among investors in Europe. Financial institutions had been invited to start disclosing from this month how far their portfolios aligned with the new framework, but the taxonomy’s details remain under discussion.
“Seeing how this process has unfolded, it almost undermines the credibility of it,” said Lennart Hermans, environmental research head at London-based Osmosis Investment Management. “These regulations are changing even as they come into place, which is confusing for everyone.”
Isobel Edwards, green bond analyst at Netherlands-based NN Investment Partners, said that funds with serious commitments to sustainability were unlikely to suddenly overhaul their investment strategies on the strength of the EU’s labelling exercise. But fund managers were coming under pressure from their investors, she added, to explain how far their portfolios would align with the EU’s taxonomy.
And that means, according to the PRI’s Fabian, that branding gas power as sustainable in the taxonomy risks boosting investment in an energy source that should already be on the way out. In its recent report setting out a road map for limiting global warming to 1.5C, the International Energy Agency warned that gas plants should be eliminated entirely in developed nations by 2035. “There’s a risk that capital will be channelled into projects that may become stranded assets,” he said. Simon Mundy
Can crypto be green?
This week, the government of Kosovo did something green warriors should note: it implemented a ban on cryptocurrency mining, since it believes this activity is consuming far too much electricity at a time of energy shortages. Some ESG activists might be tempted to shrug their shoulders; the crypto sector has sometimes had such a questionable reputation — because it has been associated with money laundering in the past — that high-minded sustainability investors have usually shunned it before.
But the news from Kosovo is actually part of a wider trend: the energy consumption from crypto is increasingly being put under the spotlight. And that enhanced scrutiny might, just possibly, end up creating a green(er) type of crypto in the future.
Climate Capital
Where climate change meets business, markets and politics. Explore the FT’s coverage here.
Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here
The big issue at stake, as a report from Sustainable Funds Monitor recently noted, is the high levels of energy usage — and associated carbon emissions — of the computer “mining process” that creates digital tokens. Figures from DRG data centres show that in 2017 bitcoin consumed 707KWh energy per transaction, 11 times the level of ethereum, the second-biggest platform. That means that “bitcoin’s annualised electrical energy consumption is equivalent to that of the country of Thailand”, the report says. And since 2017, consumption has soared.
This is sparking action, as I explain in my column. The Rocky Mountain Institute has partnered with dozens of crypto companies to pledge to adopt a 2030 net zero target, aping what is happening in the mainstream banking world. It hopes to hit this by embracing carbon offsets, switching electricity generation to renewable sources — and adopting tech innovations such as the “proof of stake” algorithms (which are less energy-intensive) instead of “proof of work” systems (that consume vast quantities of energy).
Bitcoin, the largest asset, is not adopting PoS anytime soon; however, big players in the ethereum platform say they will embrace PoS in the middle of this year — if their current tests perform well (“If” is the important word here, since ethereum’s PoS plans have been delayed before).
If this all falls into place, it will reduce crypto’s overall carbon footprint. But it may also create a bifurcation in the market. As mainstream investors embrace crypto-products, they are increasingly likely to insist that these are traceably “green” — and some companies will rush to meet this demand. Indeed, American TV stations such as CNBC are already airing ads for eco-conscious green blockchain services.
However, another part of the market that is not targeting mainstream investors will remain murky, in every sense. That means that in crypto-land — like almost every other business sphere — data on energy generation (and much else) will be increasingly important. And Moral Money predicts that this scrutiny of tech energy usage will not end with bitcoin; far from it, 2022 could be the year when eco-warriors start paying far more attention to the energy consumption patterns — and carbon footprint — of all the data centres that power the internet. The geeks should be warned. Gillian Tett
Chart of the day
The anniversary of the January 6 attack on the US Capitol prompted some business groups to condemn those perpetuating the falsehood of a stolen election, but also elicited calls from activists for businesses to do more to support voting rights and rethink their political contributions.
A new Conference Board survey shows that executives in charge of companies’ political spending feel plenty of pressure — but far more of that is coming from employees than from investors. There should be more focus on investors’ relative silence on the issue, rather than singling out companies for criticism, said Jeffrey Sonnenfeld, the Yale School of Management professor.
Announcements from shareholder activists including the Interfaith Center on Corporate Responsibility this week also suggest that companies can expect more shareholder resolutions on this theme in 2022. Kristen Talman and Andrew Edgecliffe-Johnson
Smart read
-
Harnessing the power of private capital is increasingly crucial for the world of ESG investing. Don’t miss this piece, written by the chief executive of Julius Baer, which details three ways the wealth management professionals can help private investors become “the agents of change on ESG issues”. This will be a significant theme to follow this year, as we mentioned in our outlook for 2022.
order levaquin 250mg generic order levaquin 500mg online
avodart pills dutasteride generic oral ondansetron 4mg
buy generic aldactone 100mg finasteride online buy brand fluconazole 200mg
ampicillin 250mg pill bactrim 480mg for sale purchase erythromycin generic
order sildenafil pills purchase robaxin generic generic methocarbamol
purchase sildenafil pills sildenafil dosage order estradiol 2mg for sale
buy lamictal generic tretinoin gel us buy tretinoin generic
purchase tadalis online cheap buy voltaren order voltaren generic
buy accutane 20mg online cheap isotretinoin without prescription order zithromax online
buy indomethacin 50mg without prescription order indocin 50mg sale trimox 500mg pills
cialis 10mg sale Buy now viagra order viagra 50mg sale
brand anastrozole 1 mg buy viagra online with echeck order viagra 100mg online cheap
order prednisone 40mg online cheap buy generic cialis 20mg buy sildenafil 100mg pills
tadalafil 5mg für männer sildenafil kaufen für männer sildenafil 100mg generika
buy provigil for sale Cialis prices buy generic acetazolamide
buy doxycycline 200mg generic lasix 100mg over the counter purchase lasix generic
buy ramipril 5mg for sale avapro online buy buy azelastine 10 ml sprayer
order clonidine catapres 0.1mg price buy spiriva 9mcg pills
buy buspar 10mg without prescription phenytoin tablet ditropan 2.5mg oral
buy terazosin 1mg sale purchase hytrin without prescription azulfidine 500 mg over the counter
cost alendronate panadol over the counter famotidine 40mg drug
benicar order online order olmesartan online cheap buy diamox
order tacrolimus 1mg sale order ropinirole 2mg generic buy urso
imdur 20mg drug order imuran 50mg purchase telmisartan
order zyban 150 mg pills oral strattera 25mg seroquel 50mg generic
order molnunat 200mg pills buy generic prevacid 15mg prevacid 30mg uk
buy zoloft online cheap order sildenafil 100mg for sale buy sildenafil 50mg without prescription
purchase salbutamol online cheap protonix cheap sildenafil 50mg over the counter
cialis in usa Buy branded cialis female viagra cvs
cialis pills 10mg cialis 20mg cost buy amantadine 100 mg online
brand naltrexone 50 mg naltrexone without prescription purchase abilify pill
dapsone online order purchase avlosulfon perindopril online buy
medroxyprogesterone 10mg generic provera 10mg ca purchase periactin generic
provigil 200mg tablet stromectol 6mg sale stromectol pills
purchase fluvoxamine pill nizoral sale glucotrol 10mg cheap
isotretinoin 40mg pill cheap amoxil generic buy deltasone 40mg without prescription
order nootropil sale piracetam order viagra 50mg brand
buy azithromycin pill brand prednisolone 5mg gabapentin 600mg cheap
generic tadalafil 10mg order tadalafil 20mg online canadian viagra online pharmacy
buy furosemide without prescription lasix 100mg sale order plaquenil 400mg pills
generic tadalafil 5mg anafranil 25mg cost purchase anafranil sale
purchase chloroquine online cheap order baricitinib 2mg generic baricitinib usa
buy sporanox 100mg online cheap tinidazole 500mg over the counter buy tinidazole for sale
metformin 500mg uk buy tadalafil 20mg sale overnight cialis delivery
purchase zyprexa online cheap diovan 80mg sale valsartan buy online
norvasc 5mg uk sildenafil ca cheap tadalafil generic
clozapine sale oral clozaril 50mg dexamethasone 0,5 mg brand
buy viagra 50mg pill lisinopril cost buy lisinopril 5mg pill
omeprazole pills live blackjack free online poker games
order linezolid without prescription free roulette free spins no deposit
metoprolol 50mg cost buy levitra 10mg generic buy levitra online cheap
thesis writers buying an essay wind creek casino online games
order levitra 10mg sale buy methylprednisolone us medrol for sale
write research papers generic viagra sildenafil professional
order clomiphene 100mg sale order clomiphene free slot
order tadalafil 5mg pill order cialis 5mg for sale order viagra 50mg generic
order aristocort 10mg pill buy clarinex pills clarinex drug
order dapoxetine without prescription order synthroid generic buy synthroid 100mcg sale
where to buy cialis viagra on line pfizer viagra 50mg
order xenical without prescription diltiazem over the counter purchase acyclovir generic
tadalafil order cost propranolol clopidogrel 75mg pills
cheap cialis tablets cialis 10mg without prescription clopidogrel 150mg usa
order allopurinol sale order zyloprim generic ezetimibe 10mg pill
order generic motilium 10mg tetracycline cost order flexeril generic
buy losartan 25mg online cheap nexium 40mg price cheap topamax 100mg
lioresal without prescription toradol 10mg sale toradol 10mg usa
buy imitrex online order imitrex 50mg online cheap purchase avodart pill
buy colchicine 0.5mg best online casino usa slot machine
ranitidine brand zantac 300mg uk buy celecoxib without prescription
spins real money best online casinos that payout online gambling for real money
flomax order online tamsulosin canada purchase aldactone generic
cialis 20mg uk buy ciprofloxacin 1000mg pills purchase cipro without prescription
simvastatin 20mg cheap order valacyclovir 1000mg generic buy proscar 5mg
buy flagyl 400mg sale augmentin 625mg drug bactrim 960mg canada
fluconazole 200mg canada buy viagra 100mg sale free shipping viagra
keflex 125mg generic erythromycin ca order erythromycin 500mg without prescription
tadalafil 20mg ca best cialis sites online cost sildenafil 50mg
viagra 50mg us viagra 150mg price cialis pills
ceftin oral careprost oral purchase methocarbamol for sale
online gambling online card games brand name cialis
helpwithassignment write research paper ivermectin 3 mg otc
sildalis price buy lamotrigine 50mg sale lamictal uk
prednisone 40mg brand amoxicillin usa amoxil 250mg cost
female viagra sildenafil buy sildenafil 50mg pills cialis 20mg uk
free casino games buy cialis 20mg order cialis 20mg pill
zithromax brand zithromax 250mg ca buy neurontin 100mg for sale
real money slots free spins no deposit modafinil 200mg cheap modafinil 100mg cost
purchase furosemide online cheap buy furosemide generic plaquenil 200mg for sale
sildenafil 100mg over the counter order fildena online budesonide price
prednisone generic minipress 1mg pill buy generic vermox
brand tretinoin gel buy retin gel without prescription avanafil 100mg without prescription
buy tadacip sale order tadacip 10mg generic order indocin 50mg online
purchase lamisil buy trimox 500mg generic trimox for sale
buy generic naprosyn 500mg lansoprazole 15mg sale order lansoprazole generic
buy biaxin 500mg for sale oral meclizine 25mg buy meclizine online cheap
spiriva 9 mcg over the counter hytrin over the counter order terazosin 1mg sale
albuterol for sale online pantoprazole sale ciprofloxacin pill
actos 30mg pills pioglitazone canada sildenafil 200mg for sale
montelukast 5mg drug sildenafil cheap sildenafil 50mg tablet
purchase tadalafil generic Cialis without rx free slot games online
us cialis sales Cialis prescription cialis 5mg oral
casino blackjack poker games online casino near me
ivermectin 3 mg for humans order generic symmetrel 100mg buy avlosulfon generic
online casinos real money pala casino online roulette casino
nifedipine 30mg over the counter adalat order order fexofenadine online
online poker sites online slots research paper website
altace 10mg for sale amaryl 4mg usa buy etoricoxib 120mg without prescription
paper writing online dissertation assistance azulfidine order online
asacol 400mg canada buy generic astelin 10 ml order generic avapro 150mg
olmesartan 20mg pill buy generic calan depakote 250mg sale
order acetazolamide for sale order azathioprine 50mg online imuran 50mg drug
temovate online order order clobetasol for sale amiodarone 100mg price
cost digoxin 250mg buy telmisartan 20mg without prescription buy molnunat 200 mg pill
What side effects can this medication cause? Best and news about drug.
https://viagrapillsild.online/# london drugs viagra
Read here. safe and effective drugs are available.
order carvedilol generic carvedilol pill elavil tablet
order amoxil 1000mg online cheap stromectol 3mg brand stromectol ivermectin buy
Learn about the side effects, dosages, and interactions. Get information now.
cialis online
Everything about medicine. Best and news about drug.
Everything is very open and very clear explanation of issues. was truly information. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
fosamax 35mg uk alendronate 70mg pill order motrin online cheap
Great post thank you. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for content. Area rugs and online home decor store. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for great information. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Nice article inspiring thanks. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great posting about essential oil. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across.Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
order dapoxetine 60mg online avana 100mg generic purchase motilium for sale
Good info. Lucky me I reach on your website by accident, I bookmarked it. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for content. Area rugs and online home decor store. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Nice article inspiring thanks. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great post. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great post. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Everything is very open and very clear explanation of issues. was truly information. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Everything is very open and very clear explanation of issues. was truly information. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Nice article inspiring thanks. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Nice article inspiring thanks. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great post. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Everything is very open and very clear explanation of issues. was truly information. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for great content. Hello Administ. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great posting about essential oil. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Great post thank you. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Good info. Lucky me I reach on your website by accident, I bookmarked it. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great posting about essential oil. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for content. Area rugs and online home decor store. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Nice article inspiring thanks. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Good info. Lucky me I reach on your website by accident, I bookmarked it. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great post. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for great content. Hello Administ. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Everything about medicine. Prescription Drug Information, Interactions & Side.
cialis samples for providers
safe and effective drugs are available. Long-Term Effects.
pamelor without prescription buy panadol 500 mg online paroxetine 10mg uk
order indomethacin 75mg generic indocin medication order cenforce 100mg for sale
order pepcid generic buy famotidine 20mg pills brand remeron 15mg
doxycycline 200mg cost aralen 250mg drug methylprednisolone 4mg without a doctor prescription
order ropinirole 1mg generic purchase ropinirole pill purchase trandate sale
Thank you for great article. Hello Administ . Hacklink , Hacklink panel , Hacklink al Hacklink panel
Thank you for great information. Hello Administ . Hacklink , Hacklink panel , Hacklink al Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Resmi Sitesi. <a href="https://sites.google.com/view/onwinnguncel/" title="onw
Thank you for great information. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you great post. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Everything is very open and very clear explanation of issues. was truly information. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Good info. Lucky me I reach on your website by accident, I bookmarked it. Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
Thank you for great article. Hello Administ . Metropol Halı Karaca Halı Öztekin ve Selçuklu Halı Cami Halısı ve Cami Halıları Türkiye’nin En Büyük Cami Halısı Fabrikasıyız…
I really love to read such an excellent article. Helpful article. Hello Administ . Hacklink , Hacklink panel , Hacklink al Hacklink panel
tadalafil order cheap tadalafil 10mg amoxicillin 250mg uk
tricor 160mg uk sildenafil india cheap generic viagra
Thank you great posting about essential oil. Hello Administ . cami halısı
Thank you for great article. Hello Administ . Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
Great post thank you. Hello Administ . Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
Thank you for great content. Hello Administ. Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
I really love to read such an excellent article. Helpful article. Hello Administ . Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader. Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Onwin , Onwin Giriş , Onwin Güncel Giriş , Onwin Yeni Adres , onwin
generic nexium 20mg buy biaxin 500mg pill order lasix pill
order tadalafil pill Cialis without prescription sildenafil pills 25mg
minocin oral order hytrin 5mg generic buy generic terazosin
cialis for sale online buying ed pills online buy erection pills
brand glucophage 500mg nolvadex 10mg without prescription order nolvadex
provigil usa purchase promethazine sale phenergan order online
oral clomiphene atorvastatin 40mg tablet prednisolone 20mg sale
Thank you for great article. Hello Administ . Websitemiz : https://www.istanbulofistasima.net/
order isotretinoin 40mg for sale ampicillin antibiotic online ampicillin us
sildenafil for sale proscar for sale online order proscar for sale
Thank you great posting about essential oil. Hello Administ . onwin
Thank you great posting about essential oil. Hello Administ .
Good info. Lucky me I reach on your website by accident, I bookmarked it.
Thank you great post. Hello Administ .
Thank you great posting about essential oil. Hello Administ . Hacklink , Hacklink panel , Hacklink al Hacklink panel
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across.
ivermectin 4 mg buy prednisone 5mg pill prednisone for sale
brand zofran 8mg order zofran 8mg without prescription sulfamethoxazole sale
After all, what a great site and informative posts, I will upload inbound link – bookmark this web site? Regards, Reader.
cheap ventolin 2mg order augmentin 375mg online cheap order augmentin 625mg online cheap
order isotretinoin generic buy accutane online buy zithromax 500mg generic
oral modafinil 200mg modafinil ca buy metoprolol pills for sale
prednisolone brand furosemide for sale order lasix without prescription
Thank you great posting about essential oil. Hello Administ .
avodart for sale online avodart medication orlistat 60mg generic
buy vibra-tabs for sale buy vardenafil cost zovirax 400mg
purchase azathioprine generic order azathioprine 25mg cost naproxen
order oxybutynin for sale purchase ditropan online cheap order oxcarbazepine 600mg pills
cefdinir uk buy omnicef 300 mg sale brand pantoprazole
Howdy! This is my first visit to your blog! 온라인카지노We are a collection of volunteers and starting a new project in a community in the
same niche.Your blog provided us useful information to work on. You have done a extraordinary job!
order zocor online sildenafil pills 150mg sildenafil viagra
buy avlosulfon generic order atenolol 100mg generic tenormin brand
buy viagra tablets usa pharmacy viagra buy generic cialis 10mg