Coor links sustainability targets to its loans
Coors takes the next step in its solid sustainability work by linking its loans and sustainability goals. This means that Coor will have to pay lower interest rates if the company achieves its goals in social and environmental sustainability.
Coor's overall goal is to deliver on our financial targets without compromising the respect for people and the environment. This holistic approach to sustainability work is usually called the triple bottom line and has permeated Coor's operations for many years. The value creation in the three dimensions of sustainability is now also made more visible externally when the company connects its social and environmental sustainability targets with its refinancing.
"Coor's ambition is to become a truly sustainable company. Integrating our new financing with our sustainability targets is an important step in our continuous work with our climate action and HSE throughout our operations and reflects the type of company we want to be", Maria Ekman, Head of Group Sustainability at Coor, says.
HSE stands for “Health, safety and environment”. Coor has a zero vision when it comes to work-related injuries and works according to the motto of only performing jobs that can be done safely. The zero vision for work-related injuries is one of Coor's most important goals when it comes to social sustainability and one of the goals that the company has chosen to link its loans to.
The other targets to which the loans are linked are Coor's climate goals, which were approved by the Science Based Target initiative in April 2022. This means that they are in line with the Paris Agreement and what science says is required to limit global warming to 1.5°C. In this work, Coor is also committed to achieving Net Zero emissions of greenhouse gases.
"Through this sustainability-linked transaction, we confirm Coor's strong social and environmental commitments, which are a central part of our strategy. We will also have continued flexibility in our financing, and I would like to thank the banks we work with for their continued support and confidence in Coor", Andreas Engdahl, CFO and Head of IR at Coor, concludes.
Read the press release about Coor´s agreement for sustainability-linked refinancing here