John Lewis signs credit facility linked to environmental goals

The John Lewis Partnership has signed a new 420 million pound revolving credit facility linked to environmental targets in reducing carbon emissions and food waste, and cutting down on the use of fossil fuels.

The five-year facility is being provided by seven banks, with the financing replacing existing facilities of 500 million pounds, which are due to expire at the end of 2022.

The interest rate John Lewis pays on the facility will vary depending on whether it hits three environmental targets: to be net zero by 2035, to end the use of fossil fuels across the company’s transport fleet by 2030, and to achieve a 50 percent reduction in food waste across Waitrose by 2030, against a 2018 baseline.

“This is an important agreement for the partnership,” said Bérangère Michel, the partnership’s executive director for finance. “It is critical for businesses to align financial strategy with sustainability goals in order to address climate change.”

The John Lewis Partnership said it is investing around 800 million pounds this year to transform and grow its retail brands, and diversify into areas such as financial services and rented housing.


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