Nokia signs revolving credit facility with its pricing mechanism linked to the company's sustainability targets
Jun 21, 2019
Espoo, Finland - Nokia announced today the signing of a EUR 1,500 million five-year multicurrency revolving credit facility ("RCF") with two one-year extension options and introduced a sustainability pricing mechanism linking the margin of the RCF to two of Nokia's key 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 Nokia's products
Nokia's targets include 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 the 2014 baseline. The margin of the RCF will increase or decrease depending on Nokia's progress towards reaching these targets.
Nokia's sustainability targets are accepted by Science Based Targets, ensuring that Nokia'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 organization CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).
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