988:, structured a revolving credit facility (RCF) for the Italian power utility A2A in a finance deal valued at 400 million euros. The syndicated loan availed itself of a margin mechanism based on two parameters: the performance of two selected KPIs (waste processing capacity and the volume of renewable energy sold in the wholesale market, emphasizing the focus of the A2A Group on the
1303:
62:
in the UK issued Green Loan
Principles to ensure any green loan is used for eligible green projects. This includes stating that this must be clearly articulated in the finance documents along with the expected environmental benefits, which must be assessed, quantified, measured and reported by the
79:
In April 2017, Unibail-Rodamco-Westfield put in place a green loan of €650Mn with a banking syndicate led by Lloyds
Banking Group as sole co-ordinator and green co-ordinator. This was the world's first 'sustainability linked loan', having a margin linked to ESG Key Performance Indicators.
34:
and aims to reduce the impact on the environment of new lending activities. It includes green bonds (debt), green loans (often linked to a specific project) and sustainability-linked loans (typically tied to sustainability performance objectives).
91:. Both facilities coupled the interest rate of the loans to the company's sustainability performance, either by reference to an external sustainability ratings, or Key Performance Indicators agreed with the syndicate banks. By June 2018,
55:. This usually meant financing the building of environmentally sustainable or friendly buildings or enterprises. The green lending initiative appear to have been taken by the lenders as opposed to borrowers.
894:
The loan requires the Pennon Group to meet ESG/Sustainability objectives and key performance indicators based on an ESG Index issued by independent ratings organisation,
95:
reported that ING Group had closed 15 similar deals where the bank would lower the cost of borrowing by between 5% and 10% based on the company's ESG rating provided by
1195:
788:
New credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation
1142:
1247:
1103:
64:
1088:
1344:
1221:
1050:
99:. As shown on Environmental Finance's list of sustainability loans, several other banks have teamed with various ESG ratings agencies.
1286:
1368:
1168:
427:
1014:
52:
1337:
532:
1373:
1378:
464:
1383:
1363:
59:
863:
The cost is linked both to targets on green investments and to progress made on sustainability initiatives.
1330:
840:
31:
1117:
1076:
1272:
390:
750:
997:
993:
753:
score for
Polymetal improves, the interest rate for the loan will be decreased. Conversely, if the
270:
Partially index-linked to the environmental, social and corporate governance impact of the company.
970:
932:
823:
651:
635:
594:
448:
726:
1046:
829:
Price-adjustment mechanism based on the continuous reduction of AVANGRID's emission intensity.
1314:
989:
318:
27:
352:
1065:
1019:
210:
48:
895:
754:
710:
672:
590:
553:
411:
377:
305:
231:
194:
96:
92:
1287:"Un altro sustainable loan per le utility italiane. Tocca ad A2aETicaNews - ETicaNews"
678:
If the targets are reached on all scores, the interest rate goes down —and vice versa.
1357:
1009:
498:
63:
borrower. The list of projects that qualify as green is based on the list that the
1196:"Philips agrees €1bn loan with interest rate linked to sustainability performance"
247:
68:
44:
768:
84:
1040:
900:
Pennon Group receives a reduced margin on the loan if targets are achieved
1310:
1104:"Green Loan Principles to Guide Environmental and Sustainability Finance"
938:
If the ESG rating goes up, the interest rate goes down - and vice versa.
802:
969:
Sustainability indicator has been independently verified by the agency
304:
The loan's interest rate is benchmarked to a sustainability rating from
949:
715:
If the ESG rating goes up, the interest rate goes down —and vice versa.
643:
Extended its maturity period until 2023 (open to a possible extension)
281:
173:
88:
23:
931:
Sustainability indicator will be independently verified by the agency
822:
Sustainability indicator will be independently verified by the agency
236:
If the ESG rating goes up, the interest rate goes down—and vice versa.
1066:
Green
Lending: Top 10 Reasons Why Banks Lend to Sustainable Buildings
911:
874:
689:
614:
598:
569:
1302:
1077:
Green Wombat: Bank of
America Commits $ 20 Billion to Green Lending
640:
If the rating goes up, the interest rate goes down —and vice versa.
558:
If the rating goes up, the interest rate goes down —and vice versa.
453:
If the rating goes up, the interest rate goes down —and vice versa.
416:
If the rating goes up, the interest rate goes down —and vice versa.
199:
If the rating goes up, the interest rate goes down—and vice versa.
985:
30:
criteria for the planned use of funds. It is part of the wider
1273:"BBVA signs new sustainable loan in Italy with A2A | BBVA"
1248:"The green and sustainability loan market: ready for take-off"
1222:"Going Greener Can Get You Cheaper Loans at This Dutch Bank"
273:
Over four years with the possibility of an additional year.
193:
Philips's sustainability performance and rating provided by
161:
Meeting KPIs results in a reduction in margin paid to banks
51:(March 2007, $ 20 bn) started dedicating financing toward
597:/ KPI: Part of Sales linked to subsidiaries certified by
1318:
996:). The solicited ESG rating was provided annually by
757:
score deteriorates, the interest rate will increase.
376:
ESG rating in the pricing of the loan determined by
1089:"Credit Agricole closes first two U.S. Green loans"
158:
Individual KPIs linked to environmental performance
1169:"ING and Philips collaborate on sustainable loan"
1338:
1143:"Green Loans Sprout as Philips joins Unibail"
8:
16:Lending dependent on environmental criteria
1345:
1331:
87:arranging a sustainability-linked loan to
984:In September 2018, five banks, including
101:
65:International Capital Market Association
43:Starting in 2005 major US banks such as
1031:
603:Incentive scheme linked to the two KPIs
7:
1299:
1297:
47:(July 2005, $ 1bn over 5 years) and
1317:. You can help Knowledge (XXG) by
14:
1220:Hirtenstein, Anna (4 June 2018).
1194:Holder, Michael (21 April 2017).
1102:Tallat Hussain (March 22, 2018).
1039:Hardyment, Richard (2024-02-02).
1301:
83:URW/LBG was shortly followed by
1:
1015:Green money (disambiguation)
53:sustainable entrepreneurship
75:ESG ratings and green loans
1400:
1296:
1091:. Reuters. April 26, 2018.
746:Sustainability improvement
628:Syndicated credit facility
583:Syndicated credit facility
518:Sustainability Improvement
484:Sustainability improvement
373:Sustainability improvement
338:Sustainability improvement
301:Sustainability improvement
267:Sustainability improvement
857:General corporate purpose
706:General corporate purpose
675:on 50 ESG linked criteria
668:General corporate purpose
631:General corporate purpose
586:General corporate purpose
549:General corporate purpose
465:Casino Guichard Perrachon
444:General corporate purpose
407:General corporate purpose
227:General corporate purpose
190:General corporate purpose
155:General corporate purpose
1369:Environmental economics
1118:"URW green disclosures"
1042:Measuring Good Business
428:Red Eléctrica de España
60:Loan Market Association
1313:-related article is a
589:ESG score provided by
1252:Environmental Finance
1045:. London: Routledge.
32:sustainable investing
966:Purchase of Aircraft
114:USD equivalent ($ m)
1289:. 3 September 2018.
998:Standard Ethics Aei
332:Bilateral term loan
671:Scores granted by
1326:
1325:
1275:. 29 August 2018.
1052:978-1-003-45773-2
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1374:Environmentalism
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990:circular economy
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1379:Ethical banking
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1149:. 20 April 2017
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1020:Ethical banking
1006:
908:September 2019
709:ESG Score from
634:ESG Score from
552:ESG Score from
447:ESG Score from
441:Syndicated loan
410:ESG Score from
230:ESG Score from
211:Barry Callebaut
140:Unibail Rodamco
123:Use of proceeds
77:
67:uses to define
49:Bank of America
41:
17:
12:
11:
5:
1397:
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1384:Green politics
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1364:Activism stubs
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896:Sustainalytics
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816:Syndicated RCF
814:
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782:Syndicated RCF
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751:Sustainalitics
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591:Sustainalytics
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378:Sustainalytics
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367:Syndicated RCF
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97:Sustainalytics
93:Bloomberg News
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15:
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1010:Green economy
1008:
1007:
1003:
1001:
999:
995:
994:decarbonation
991:
987:
977:
974:
972:
968:
965:
962:
959:
957:not indicated
956:
954:not indicated
953:
951:
948:
946:December 2019
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740:Bilateral RCF
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611:February 2018
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579:
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566:February 2018
565:
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560:
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548:
546:Bilateral RCF
545:
542:
539:
536:
534:
531:
528:
527:
523:
520:
517:
514:
512:Bilateral RCF
511:
508:
506:Not disclosed
505:
503:Not disclosed
502:
500:
499:LafargeHolcim
497:
495:December 2017
494:
493:
489:
486:
483:
480:
477:
474:
471:
468:
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461:December 2017
460:
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434:
431:
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424:December 2017
423:
422:
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413:
409:
406:
404:Bilateral RCF
403:
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397:
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389:
387:November 2017
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295:Bilateral RCF
294:
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261:Bilateral RCF
260:
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126:Objective/KPI
125:
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61:
56:
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50:
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38:
36:
33:
29:
28:environmental
26:dependent on
25:
21:
20:Green lending
1319:expanding it
1308:
1281:
1267:
1255:. Retrieved
1251:
1241:
1229:. Retrieved
1225:
1215:
1203:. Retrieved
1199:
1189:
1177:. Retrieved
1172:
1163:
1151:. Retrieved
1146:
1137:
1125:. Retrieved
1121:
1112:
1097:
1083:
1072:
1061:
1041:
1034:
983:
681:Three years
349:October 2017
315:October 2017
278:October 2017
82:
78:
58:In 2018 the
57:
42:
22:refers to a
19:
18:
971:Vigeo Eiris
933:Vigeo Eiris
824:Vigeo Eiris
700:Switzerland
636:Vigeo Eiris
595:Vigeo Eiris
509:Switzerland
449:Vigeo Eiris
248:Gas Natural
221:Switzerland
184:Netherlands
69:Green Bonds
45:Wells Fargo
1358:Categories
1153:12 January
1127:12 January
1026:References
769:CMS Energy
723:April 2018
686:April 2018
648:March 2018
169:April 2017
137:April 2017
1257:4 October
1231:4 October
1205:4 October
1179:4 October
978:10 years
960:Singapore
888:Term loan
871:July 2018
860:ESG Score
799:June 2018
765:June 2018
727:Polymetal
662:Singapore
401:Singapore
244:July 2017
207:June 2017
132:Duration
120:Loan type
85:ING Group
1311:activism
1004:See also
941:5 years
903:5 years
866:3 years
841:Generali
837:May 2018
803:Avangrid
529:May 2017
950:Avation
922:Poland
916:PLN2bn
807:$ 2.5bn
773:$ 1.4bn
749:If the
364:Belgium
329:Belgium
282:Abertis
174:Philips
129:Pricing
117:Country
108:Company
89:Philips
39:History
24:lending
1049:
912:Energa
875:Pennon
737:Russia
690:Adecco
656:$ 500m
615:Mapfre
599:B Corp
580:France
570:Danone
543:France
475:France
395:$ 150m
391:Wilmar
319:SocFin
172:Royal
149:France
111:Amount
1309:This
975:Fixed
925:Loan
879:ÂŁ100m
851:Italy
832:2023
731:$ 80m
694:€600m
625:Spain
537:€150m
438:Spain
432:€800m
358:€300m
353:bPost
292:Spain
286:€100m
258:Spain
252:€330m
239:2022
215:€750m
202:2022
164:2022
143:€650m
1315:stub
1259:2018
1233:2018
1207:2018
1181:2018
1155:2022
1129:2022
1047:ISBN
992:and
986:BBVA
963:Loan
919:500
848:2380
845:€2bn
810:2500
776:1400
703:Loan
665:Loan
652:Olam
622:1250
619:€1bn
593:and
577:2500
574:€2bn
469:€50m
323:€15m
181:1170
178:€1bn
105:Date
1173:ING
1122:URW
882:130
854:RCF
697:738
659:500
561:NA
540:164
533:EDF
435:944
398:150
361:354
289:118
255:380
218:870
146:760
1360::
1250:.
1224:.
1198:.
1171:.
1145:.
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1000:.
935:.
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885:UK
813:US
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779:US
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734:80
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355:SA
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.