In July 2022, Sappi announced that our science-based targets had been verified by the Science Based Targets initiative (SBTi), building on our strong commitment to the UN Sustainable Development Goals. Now in an important further step, we have created our first Sustainable Financing Framework.
Glen Pearce, Sappi Group CFO, explains the significance of the move. "It's our first financing facility with sustainability-linked KPIs. Sappi's international revolving credit facility of EUR 515 million matures in February 2027 and comprises a consortium of eight relationship banks. The facility was structured with a margin adjustment mechanism, linked to progress in achieving the KPIs. The newly adopted Sustainable Financing Framework will now guide any sustainability-linked characteristics of future financing solutions."