Jul 27, 2021
Puig secures first sustainable loan of 200 million euros from Banco Sabadell
Jul 27, 2021
Puig has secured its first sustainable loan of 200 million euros from Banco Sabadell. The deal's terms are linked to the Barcelona-based fashion and fragrance company's progress with two main environmental indicators: the volume of its direct emissions and that of indirect emissions generated by the electricity purchased and consumed by the group.
According to a release published by the company on Monday, these indicators were defined in accordance with the GHG Protocol, while the measurement methodology employed complies with the criteria of the Science Based Targets initiative (SBTi).
Puig CEO Marc Puig explained that, in 2020, in the midst of the pandemic, the company completed its first sustainability programme, launched in 2014, and prepared itself for a "new and ambitious roadmap." This new round of initiatives is based on the strengthening and improvement of five strategic pillars, including compliance with the most relevant international certifications and commitments.
Banco Sabadell's managing director, César González-Bueno, commended the move, which "fits perfectly" with the financial institution's vocation to, in his words, support its clients in their efforts to contribute towards the creation of a better future for all.
With the loan, the company has therefore taken a step forward in its transition to a more sustainable business model, which would boost the creation of shared value and effectively monitor the environmental impact of its activities.
A 55% reduction in Puig's carbon footprint
Over the last seven years, Puig has reduced its total carbon footprint by 55% and currently boasts four "carbon neutral" factories, which use renewable energy and have also implemented other environmental initiatives.
The company has also achieved "zero waste to landfill" status at four of its production sites, as well as at its corporate offices, by reusing, recycling and sending waste to be converted into energy.
To date, Banco Sabadell has provided more than 3.62 billion euros in sustainable financing, principally via corporate funding and project finance, as well as more than 300 million euros in environmentally targeted loans and 1.85 million euros in loans with a social objective.
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