Bell Closes Sustainability-Linked Loan | IT Business

Bell Canada (Bell) announced earlier this month that it has amended its existing $3.5 billion committed credit facility into sustainability-related loans.

The amendments introduce annual price adjustments that increase or decrease borrowing costs based on Bell’s performance against two key annual sustainability performance targets.

• Reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 57% by 2030 from our 2020 base year.When
• Set a science-based target to reach 64% of suppliers by spend by 2026, covering goods and services purchased.

These science-based targets to reduce greenhouse gas (GHG) emissions are endorsed under the Science Based Targets initiative.

This is because these annual targets alone would cover most of Bell’s chosen total carbon footprint, the company explained in a press release. They support the company’s commitment to meeting science-based targets for GHG emission reductions and supplier engagement by linking performance to financing costs.

This sustainability-linked loan will follow the launch of BCE’s Sustainable Financing Framework in April 2021 and the launch of Bell’s first $500 million sustainability bond in May 2021, the proceeds of which will be eligible green and It follows what has been allocated to social investment.

“We are delighted to announce the closing of this Sustainability Linked Loan. It’s in line with performance.”