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Carrefour Italia Secures €55m Credit Line For ESG Projects

By Branislav Pekic
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Carrefour Italia Secures €55m Credit Line For ESG Projects

Italian bank Intesa Sanpaolo has granted Carrefour Italia a €55-million credit line linked to specific environmental, social, and governance goals.

These include the reduction of packaging used in Carrefour-branded products by more than 1,000 tonnes by 2025, and reducing greenhouse gas emissions by over 40% compared to 2019.

The agreement is part of the Carrefour Group's sustainability strategy, which  aims to promote a business model capable of generating economic, social and environmental value.

Carrefour Italia plays a key role as a link in the supply chain, connecting producers and suppliers to stores and consumers.

Richard Zatta, global corporate head of Intesa Sanpaolo's IMI Corporate & Investment Banking Division, said, "This transaction, with a leading firm such as Carrefour, shows that sector companies are increasingly attentive to the impact of their activities on the communities in which they operate and on the environment more generally.

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"Our group has long been strongly committed to supporting companies with development paths that can combine corporate growth with environmental sustainability."

Global Food Transition

With its new 2026 Strategic Plan, the retailer aims to boost its position as a leader in global food transition.

Pledges include a €50-million plan at group level to install photovoltaic panels on the rooftops and car parks of over 100 stores, and agreements with its 100 largest suppliers to comply with the 1.5-degree climate trajectory.

In addition, the retailer will also convert all private-label packaging to compostable, recyclable or reusable materials by 2026, and also reduce packaging by over 1,000 tonnes by 2020.

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"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, 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."

Read More: Top 10 Supermarket Retail Chains In Italy

© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.

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