BNP Paribas collaborates with chemical company Solvay on €2bn revolving credit facility linked to environmental commitments.
The alignment of finance and sustainability objectives is becoming increasingly important, as the transition towards a low carbon economy requires new approaches. Max Jadot, CEO of BNP Paribas Fortis, which is acting as Sustainability Coordinator and agent bank to Solvay remarked: "I am proud that Solvay has mandated BNP Paribas Fortis to introduce a Positive Incentive Loan mechanism that supports Solvay's ambitions in reducing greenhouse gas emissions. This innovative solution is a clear example of how we and the syndicated banks we represent aim to serve our clients in terms of value creation. Collaboration between banks and clients is key in driving the economy forward to a more sustainable future".
The revolving credit facility is intended for general business purposes. Solvay is also a global partner of the Ellen MacArthur Foundation and aims to accelerate the circular economy in the chemicals sector. This is another example of how leadership on environmental sustainability can be fostered through collaboration.