Canary Wharf Group has signed a £100m green revolving credit agreement with Deutsche Bank and Société Générale.
The facility forms part of a sustainability-linked finance framework, which will commit CWG to reduce all emissions by 65% by 2030.
CFO Becky Worthington said: “Canary Wharf Group has made significant progress in sustainability targets as part of the journey to reduce Scope 1, 2 & 3 emissions. Our new Sustainability-Linked Finance Framework, supported by Deutsche Bank and Société Générale, will provide future opportunities to access debt markets at competitive terms while delivering against our committed sustainability targets.”
It has also pledged that 60% of its suppliers’ emissions will have science-based targets by 2025.
Carla La Tona, ESG capital markets advisory at Deutsche Bank, said: “The framework, which applies to any Sustainability-Linked Financing Instruments, showcases that Canary Wharf Group recognises the critical role it can play in addressing climate action as part of its broader sustainability strategy.”
Demetrio Salorio, CEO of Société Générale’s London branch, added: “Through its ambitious targets, CWG is putting sustainability on the table for procurement decisions and encouraging its suppliers to set science-based emission reduction goals. We are pleased to support CWG to meet these objectives as part of its net zero commitments.”
CWG said it would continue to implement wider sustainability programmes, including targeting higher BREEAM scores and championing regeneration and retrofit over rebuild.
CWG has a proud sustainability heritage, being the first real estate company to sign the Climate Pledge, a founding member of the Concrete Zero initiative and the first commercial district in the world two years ago to make a science-based carbon emission target. It also wants it’s partnership with the Eden Project to be a leading example of how to make urban areas more biodiverse.
Chief executive Shobi Khan said: “Real estate is a significant source of carbon emissions, and the associated supply chain must pivot towards net zero quickly to mitigate the climate crisis. Our commitment to helping drive this shift is embodied within our science-based target, which now guides all Canary Wharf Group’s procurement and investment decisions. This finance framework is a key part of our efforts to turn ambition into action and we look forward to further collaboration with our supply chain partners to identify the solutions required to reduce our collective impact on the environment and reach net zero.”
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