ICL borrows to fund sustainability
ICL has concluded a five-year €250 million ‘sustainability-linked loan’ from syndicate of five global lenders at 0.8%/year interest. It is the first company in Israel to do so. This is part of its sustainability efforts and includes three performance targets.
ICL will seek to achieve a 4-5% reduction in direct and indirect Scope 1 and Scope 2 CO2 emissions resulting from global operations. Third party monitoring will begin in the 2021 fiscal year, in accordance with the accounting and reporting standards published by the GHG Protocol.
The company is also planning to expand its participation in the industry’s Together for Sustainability (TfS) initiative, adding a “significant number of Tfs-qualified vendors each year”. Finally, it aims to increase the number of women in senior management from 19% now to 25% by 2024.