Snam Secures €4B Sustainability-Linked Credit Line To Drive Green Transition
Date
12/10/2024 6:08:52 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 10. Snam has secured
a 4 billion euro sustainability-linked credit line, structured to
support the company's sustainability and climate goals, Trend reports.
The facility, one of the largest in the utilities sector this
year, is aligned with Snam's recently launched Sustainable Finance
Framework and includes a provision to increase the amount by up to
1.1 billion euros. It is structured as a revolving credit facility
with two tranches of 2 billion euros each, maturing in three and
five years.
The credit line is linked to key sustainability targets,
including reductions in Scope 1, 2, and 3 greenhouse gas emissions,
as well as increasing the representation of women in executive and
middle-management positions. These goals are central to Snam's
efforts to achieve carbon neutrality by 2040 and net-zero emissions
by 2050.
The credit line is supported by 24 financial institutions,
including Mediobanca, Intesa, and UniCredit, and is a significant
step in Snam's plan to secure 85% of its total funding from
sustainable finance by 2027.
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