Yara got a business loan linked to its emissions
The Norwegian manufacturer of mineral fertilizers, Yara International (hereinafter referred to as Yara), and a banking syndicate have signed a revolving 1.1-billion-dollar credit facility for five years with an option to renew it for another two years.
The funds will be used to refinance the debt burden, and for general corporate objectives. The interest rate will be adjusted every year depending on the amount of greenhouse gas emissions by Yara enterprises.
In general, Yara aims to reduce the emission of greenhouse gases by 10% for each ton of produced mineral fertilizers by 2025.
‘Reducing the greenhouse gas intensity is a part of the Yara strategy. By connecting financing with carbon footprint, we confirm a clear link between the sustainability of business development and its profitability,’ said Lars Røsæg, Yara’s Chief Financial Officer.