THE WHAT? UK department store chain, The John Lewis Partnership has signed a new £420 million, five-year revolving credit facility linked to environmental targets.
THE DETAILS The facility is provided by seven banks and replaced existing facilities of £500 million, which are due to expire at the end of next year.
Under the terms of the agreement, the rate of interest paid by the owner of Waitrose supermarkets will vary depending on its ability to hit three sustainability targets, namely reducing carbon emissions to net zero by 2035, reducing food waste across Waitrose stores by 50 percent by 2030 and ending the use of fossil fuels across the company’s transport fleet by 2030.
THE WHY? Bérangère Michel, Executive Director for Finance at the John Lewis Partnership said, “This is an important agreement for the Partnership. It is critical for businesses to align financial strategy with sustainability goals in order to address climate change. I am pleased that the Partnership is living up to its sustainability commitments and its purpose by making this very important step, ahead of the COP26 summit.
“This credit facility also reinforces the strong relationships we have with our banking partners, who continue to support the Partnership and our plans for the years ahead.”
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