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The bond is aligned to an agreed Sustainability Efficiency Goal (SPT) of lowering Scope 1 and a pair of group greenhouse fuel (GHG) emissions by 60% by 2025 towards Tesco’s 2015 baseline |
UK grocery store retailer Tesco has launched a bond that, for the primary time, is linked to the corporate’s dedication to scale back greenhouse fuel emissions.
The EUR750m (US$909.1m) bond with a 0.375% coupon presents an 8.5-year maturity and is claimed to be the primary bond of its type to be issued by a retailer.
Tesco mentioned it marks an vital step in setting tangible incentives for its environmental and social efficiency and follows the announcement in October that it has established a GBP2.5bn revolving credit score facility, with curiosity linked to the achievement of three formidable environmental targets.
The bond is aligned to an agreed Sustainability Efficiency Goal (SPT) of lowering Scope 1 and a pair of group greenhouse fuel (GHG) emissions by 60% by 2025 towards Tesco’s 2015 baseline.
The corporate mentioned it has already achieved a 50% discount in group GHG emissions towards the baseline in addition to sourcing 97% of electrical energy from renewable sources.
“Linking our monetary technique to our long-term dedication to sort out sustainability is a vital step in making certain that this dedication is embedded throughout all our enterprise operations and ensures we’re driving steady enchancment,” mentioned Tesco CFO Alan Stewart.
The bond shall be aligned to Tesco’s newly launched Sustainability-Bond Framework, which follows the ICMA Sustainability-Linked Bond rules, and has been independently assessed by Sustainalytics.
Tesco is one in all a variety of firms to just lately place sustainability bonds. German sporting goods giant Adidas and British luxury clothing and accessories brand Burberry each positioned their first ‘inexperienced bond’ in September of final yr, whereas VF Corp closed its inaugural EUR500m (US$551.5m) green bond offering in February.
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