Portugal’s BA Glass has formalised a sustainable commercial paper programme worth €25 million with Bankinter Portugal.
The programme aims to accelerate the climate transition and ESG performance of BA Glass.
As part of the sustainable financing, BA Glass has committed to meeting two independently validated key performance indicators focused on water efficiency and the reduction of greenhouse gas emissions.
The operation previously relied on an independent second party opinion, which validated the sustainable framework defined by the parties.
These indicators reflect structural priorities of the glass industry and align with international best practices in sustainability-based financing.
The defined objectives will turn BA Glass's strategy into measurable goals by 2029, based on the progressive reduction of water consumption and the reduction of its carbon footprint.
Pedro McCarthy, CFO of the BA Glass Group, said: “BA Glass has more than 90% of its funding indexed to ESG criteria, and this operation reflects another step in what has been our path and our clear ambition: to ensure that, in the future, all our funding is aligned with these principles, thus reinforcing our total commitment to sustainable growth.”
The commitments made under the programme are aligned with the United Nations’ Sustainable Development Goals (SDGs).
In particular, the programme aims to achieve SDG 12 (Sustainable Production and Consumption) and SDG 13 (Climate Action).
Alberto Ramos, Country Manager of Bankinter Portugal, said: “This operation with BA Glass reinforces Bankinter's strategy to support companies that are committed to integrating sustainability at the heart of their operations.
“By providing financial solutions that support the climate transition, we are encouraging the adoption of responsible practices and the development of a more sustainable economic model.
“This is the path we want to continue to follow together with companies.”
Image credit: Dvfernandes, via Wikimedia Commons. Licensed under CC BY-SA 4.0.
