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Britain's M&S links $1.1 billion financing to net zero target

Britain's M&S links $1.1 billion financing to net zero target
Britain's M&S links $1.1 billion financing to net zero target   -   Copyright  Thomson Reuters 2021
By Reuters

LONDON – British retailer Marks & Spencer has agreed a new 850 million pound ($1.13 billion) revolving credit facility that is linked to delivery of its net zero targets, it said on Wednesday.

In September, M&S pledged to become net zero in carbon emissions across its own operations, its entire supply chain and its products by 2040, ten years ahead of a government target for Britain.

Under the terms of the new credit facility, M&S will benefit from a lower interest rate if it delivers targets aligned to its net zero roadmap.

The retailer said it had worked with BNP Paribas on the financing deal.

($1 = 0.7536 pounds)