ICL Group Ltd., Tel Aviv, said it has agreed a new €250 million (approximately $296 million at current exchange rates) sustainability linked loan (SLL) agreement with a five-year term, that includes three sustainability performance targets.
As part of the SLL agreement, ICL is targeting an annual 4-5 percent reduction in direct and indirect Scope 1 and Scope 2 CO2e emissions resulting from the group’s global operations. It said third-party monitoring will begin this year.
The Israeli group is also planning to expand its participation in “Together for Sustainability” (TfS), a global initiative dedicated to developing and implementing a global supplier engagement program that assesses and improves sustainability sourcing practices. ICL said it is committed to adding “a significant number” of TfS-qualified vendors each year through 2025.
ICL additionally will continue to focus on inclusion, equality, and expanding the representation of women among its senior management, executive, and board of director roles. As part of the SLL, the group has set a target for women to hold at least 25 percent of senior management roles by the end of 2024, compared with 19 percent in 2021.
The loan runs through 2026 and carries a fixed annual interest rate of 0.8 percent, and has been secured with a group of five leading global lenders.