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Time of India

Nokia signs 1.5-billion-euro sustainability-linked revolving credit facility

NEW DELHI: Nokia has signed a 1.5-billion-euro (~$1.77 billion) five-year multi-currency revolving credit facility (RCF) with sustainability-linked pricing, which adjusts the margins based on the Finnish telecom gear maker's progress towards two key targets. The new RCF, which includes two one-year extension options, has replaced the previous 1.41-billion-euro RCF agreement from June 18, 2019, Nokia said on Monday. The targets, which will be observed annually and impact pricing in the following year, are Nokia's reduction of absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions, and reduction of absolute Scope 3 GHG emissions. 'We're delighted with the strong support and commitment from our key banking partners in this refinancing transaction that connects our financing strategy with our sustainability priorities,' said Marco Wirén, chief financial officer, Nokia. 'We are committed to our climate transition plan, which is built to deliver efficiency and innovations in our value chain. Continuing to link the pricing of the revolving credit facility to our science-based climate goals is a strong step forward demonstrating our commitment to our sustainability targets,' said Subho Mukherjee, vice president of sustainability, Nokia. Nokia said it is committed to reducing its Scope 1, 2 and 3 GHG emissions. The vendor has a net-zero target of 2040, which is approved by the Science Based Targets initiative (SBTi), ensuring that Nokia's greenhouse gas emissions targets and paths towards those targets are independently validated.