LONDON – Luxury fashion brand Burberry has agreed a £300m (US$410m) loan linked to its performance against its sustainability targets, including the company's headline goal of being climate positive by 2040.
Burberry refinanced its revolving credit facility (RCF), coordinated by Lloyds Bank, for the sustainable finance package which is linked to the achievement of key environmental, social and governance (ESG) targets.
These include accelerating emissions reductions across its extended supply chain (Scope 3) by 46 per cent by 2030 and becoming net zero by 2040, 10 years ahead of the 1.5°C pathway set out in the Paris Agreement.
