Intesa Sanpaolo and Carrefour Italia agree to ESG credit line to reduce emissions

(IN BRIEF) Intesa Sanpaolo and Carrefour Italia have entered into an agreement for an ESG (environmental, social and governance) credit line worth €55 million to support the issuance of guarantees to Carrefour Italia’s subsidiaries. The credit line includes an incentive mechanism tied to specific ESG targets, such as reducing greenhouse gas emissions by more than 40% compared to 2019 and decreasing the amount of packaging used in Carrefour-branded products by over 1,000 tonnes by 2025. The pricing of the guarantees issued will be tied to the achievement of these targets. The agreement aligns with Carrefour’s strategy to integrate sustainability into their business model and Intesa Sanpaolo’s support for the energy transition.

(PRESS RELEASE) MILAN, 14-Apr-2023 — /EuropaWire/ — Intesa Sanpaolo and Carrefour Italia have signed an agreement for an ESG credit line for the issuance of guarantees for a total of €55 million.

The credit line for the issuance of guarantees – from which all companies controlled by Carrefour Italia may benefit – includes an incentive mechanism tied to specific ESG (environmental, social and governance) targets.

The transaction, structured by Intesa Sanpaolo’s IMI Corporate & Investment Banking Division led by Mauro Micillo, confirms the Group’s support for the energy transition and in support of NRRP-related investments.

The targets include reducing the amount of packaging used in Carrefour-branded products by more than 1,000 tonnes by 2025 and reducing greenhouse gas emissions by more than 40% compared to 2019. Intesa Sanpaolo will tie the pricing of the guarantees issued to the targets.

The agreement is part of the Carrefour Group’s strategy based on constant pursuit of and commitment to integration of the pillars of sustainability into everyday choices, thus promoting a business model capable of consistently generating economic, social and environmental value.

As a player in large-scale distribution, Carrefour Italia has a strategic role as a link in the supply chain, connecting producers and suppliers to stores and consumers. Accordingly, the new 2026 Strategic Plan aims to accelerate Carrefour’s leadership in the food transition for all.

Climate impact is one of the main pillars of the new strategy, and the commitments to reducing it are various, acting both directly on emissions and on related issues, such as reducing packaging in Carrefour stores.

An all-encompassing commitment, which includes various actions: an investment plan of more than €50 million at Group level to install photovoltaic panels on the roofs and car parks of more than 100 stores, agreements with the top 100 suppliers to comply with the 1.5 degree climate trajectory, conversion by 2026 of all Carrefour-branded packaging to compostable, recyclable or reusable materials, and a reduction of packaging by over 1,000 tonnes by 2020.

“This transaction with a leading firm such as Carrefour shows that sector companies are increasingly attentive to the impacts of their activities on the communities in which they operate and on the environment more generally,” commented Richard Zatta, Global Corporate Head of Intesa Sanpaolo’s IMI Corporate & Investment Banking Division. “Our Group has long been strongly committed to supporting companies with development paths that can combine corporate growth with environmental sustainability.”

“We are very pleased to have reached this agreement with Intesa Sanpaolo. Sustainability is an important part of our business strategy, as clearly shown by the concrete goals we are pursuing,” commented Luca Mammola, Chief Financial Officer of Carrefour Italia. “The results achieved will be public with a view to increasing transparency, which we are convinced is the right way to help customers make better, more informed choices.”

Media Contact:

Intesa Sanpaolo
Corporate & Investment Banking and Governance Areas
stampa@intesasanpaolo.com

SOURCE: Intesa Sanpaolo

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