Wilmar signs loan linked to sustainability | 09/15/2020
SINGAPORE – United Overseas Bank (UOB) has provided a $ 200 million sustainability loan to Wilmar International Limited to help advance the agribusiness sustainability agenda.
Both UOB and Wilmar have created a list of performance indicators for the loan, including:
- Corporate governance
- Carbon dioxide emission
- Land use and biodiversity
- Community relations
- Supply chain practices
The defined indicators will help ensure that Wilmar’s activities are soci
ally and environmentally responsible.
The interest rate on the consolidation loans will be indexed to Wilmar’s achievement of predetermined targets that have been set on the basis of the list of performance indicators.
Sustainalytics, an independent global provider of environmental, social and governance (ESG) research and ratings, will assess annually whether Wilmar has met these goals.
“In building a responsible business, Wilmar believes that the pursuit of our sustainability goals must encompass all aspects of our operations, including finding sustainable financing solutions at the enterprise level,” said Charles Loo, Director Wilmar’s financier. “We are very pleased with UOB’s support with this loan linked to sustainable development which aligns our sustainable development and corporate financing strategies. It is important to Wilmar that we continue to improve our ESG performance as the business grows.
Wilmar’s business activities include oil palm cultivation, oilseed crushing, edible oil refining, sugar milling and refining, consumer product manufacturing, specialty fats, oleochemicals, biodiesel and fertilizers as well as milling rice and flour.
At the heart of Wilmar’s strategy is an integrated agro-industrial model that encompasses the entire value chain of business from agricultural products, cultivation, processing, merchandising to manufacturing a wide range of products. agricultural brands. It has more than 500 manufacturing plants and a distribution network covering China, India, Indonesia and around 50 other countries. The group has a multinational workforce of around 90,000 people.