BNP Paribas today announced they acted as joint sustainability coordinator for Coles Group Limited’s (Coles) first Sustainability Linked Loan.
The total of AUD 1.3bn revolving credit facilities, which is also the first Sustainability Linked Loan (SLL) for a retail company in Australia, will finance general corporate funding requirements. The SLL is linked to Key Performance Indicators (KPIs) including a reduction in greenhouse gas emissions; a reduction in total waste going to landfill; and an increased percentage of women in leadership positions.
An independent third party will measure and report on Coles’ performance relative to the agreed KPIs, which are fully aligned with Coles’ sustainability ambitions, grouped under the focus areas of “Together to Zero” and “Better Together”.
Mr Jason Douglas, Managing Director Corporate Coverage at BNP Paribas Australia said: “We are proud to play a key role in Coles’ sustainable finance facilities.
“As a bank, we have a global commitment to direct capital where it can have a lasting, positive impact. This transaction exemplifies that approach, and we are delighted to partner with such an iconic Australian company on their sustainability journey,” added Mr Douglas.
Ms Leah Weckert, Chief Financial Officer of Coles, said: “Our purpose is to sustainably feed all Australians to help them lead healthier, happier lives. BNP Paribas is a global leader in sustainable finance, and by working together we are aligning our core values with our financing arrangements.”
BNP Paribas has been a pioneer of the sustainable finance market in Australia, bringing its global expertise to the local market and helping clients achieve meaningful progress in addressing their ESG ambitions.