Wednesday, 19 June 2019 21:15

Nokia secures revolving credit facility, pricing mechanisms linked to sustainability targets

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Nokia secures revolving credit facility, pricing mechanisms linked to sustainability targets Image Iam Taew, FreeDigitalPhotos.net

Nokia has signed a €1.5 billion revolving credit facility with two one-year extension options, linking the margin to two of the company's key sustainability targets for greenhouse emissions.

The RCF announced on Wednesday will replace the €1.58 billion revolving credit facility agreement dated 26 June 2015.

The Finnish-based Nokia has set its latest targets including a 41% greenhouse gas emission reduction of its own operations and a 75% greenhouse gas emission reduction arising from the use of sold products by 2030 compared to a 2014 baseline.

Nokia says the margin of the RCF will increase or decrease depending on its progress towards reaching these sustainability targets - 1) reduction of greenhouse gas emissions attributed to Nokia's operations and; 2) reduction of greenhouse gas emissions attributed to Nokia's customers' use of its products.

Nokia says its sustainability targets are accepted by Science Based Targets, ensuring that the company’s greenhouse gas emissions targets and paths towards those targets are independently validated to be in line with the Paris Agreement goal "to hold the increase in global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the increase to 1.5°C above pre-industrial levels".

Science Based Targets is a collaboration between the international not-for-profit organisation CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).

Kristian Pullola, chief financial officer at Nokia, said: "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."

"Linking the pricing of the revolving credit facility to our sustainability targets is an important step towards demonstrating our broad-based commitment to our sustainability priorities,” said Karoliina Loikkanen, head of corporate responsibility at Nokia.

"Our sustainability vision is to create the technology to connect the world, in a responsible way."

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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