The John Lewis Partnership has agreed to a 420 million pound environmental credit facility
01 November 2021, Mumbai:
John Lewis Partnership PLC said on Friday that it has received a new environmental credit facility worth 420 million pounds ($579.3 million). The credit line is connected to environmental standards, according to the British retailer, which owns the John Lewis department store chain and the luxury supermarket Waitrose.
The goals are to be net-zero by 2035, to cut food waste in Waitrose by half by 2030, and to phase out the usage of fossil fuels in the transportation fleet by 2030. The interest rate will change based on whether the corporation meets its five-year goals.
The interest rate the company pays on the loan will be determined by whether it meets three environmental goals over the next five years, including decreasing carbon emissions, minimising food waste, and shifting away from fossil fuels.
These goals support the Partnership's current sustainability commitments, by 2035, carbon emissions will be nil. Food waste: Waitrose will reduce food waste by 50% by 2030, compared to a 2018 baseline. Transportation: by 2030, the company's transportation fleet will be free of fossil fuels.
Furthermore, the John Lewis Partnership recently became one of the first companies to sign on to the Science-Based Targets Initiative Business Ambition for 1.5°C as well as the UN Race to Zero initiative. "For the Partnership, this is a critical accord. To combat climate change, businesses must integrate their financial strategy with sustainability goals, according to Bérengère Michel, executive director of finance at the John Lewis Partnership.
"I am glad that, ahead of the COP26 meeting, the Partnership is honoring its sustainability pledges and mission by taking this critical action." "This loan facility further strengthens our excellent connections with our financial partners, who continue to back the Partnership and our long-term goals." This year, the Partnership will invest roughly £800 million to develop and grow its retail brands, as well as diversify into new areas including financial services and leased housing.
