- Cepsa extends its five-year €2.0 billion multi-currency syndicated revolving credit facility and links it to sustainability indicators, including carbon and gender diversity, for the first time
- Cepsa and its syndicated banks agree to donate 100% of the interest adjustment to environmental and social projects
Two key performance indicators (KPIs) are linked to Cepsa´s 2030 carbon targets: progressive reduction in Scope 1 & 2 emissions to reach a 55% decrease in 2030 versus 2019 and a 15-20% decrease in the carbon intensity index of its energy products sales, which includes Scope 1, 2 & 3. A third KPI is aligned with Cepsa’s gender diversity target that 30% of leadership positions be held by women by 2025.
As part of the financing agreement, Cepsa and its banking syndicate have committed to donating 100% of the interest adjustment, with each party designating the destiny of such donation equally. The donation mechanism is equivalent to a virtual credit margin adjustment where the achievement of each KPI determines if the donation is borne by Cepsa, the banks or shared among Cepsa and its lenders.
Cepsa has pledged to devote its 50% share of the donation to the Cepsa Foundation, which is particularly active in developing projects dedicated to improving the environment and biodiversity, as well as to social action and promoting gender diversity. The syndicated banks have also committed to channel their share of the donation through a foundation or non-profit organization.