Australian wine giant Treasury Wine Estates (TWE) will be transitioning AUD$1.4 billion of financial loans into one of the largest sustainability linked loans in Asia-Pacific, a first for a wine company in the region.
As part of the transaction with Sustainability Linked Loans, Treasury Wine Estates (TWE) will receive financial incentives and sustainability goals such as using 100% renewable electricity by 2024; reducing greenhouse gas emissions; undertaking a comprehensive review of water usage; and having 50% women in senior leadership positions, with 42% female representation overall by 2025.
“Transferring a substantial proportion of our existing loans to Sustainability Linked Loans provides even further incentive for our teams to progress towards our sustainability goals and cultivate a brighter future for all,” commented Kirsten Gray, TWE chief sustainability and external affairs officer.
Grey continued: “Setting sustainability targets is important but to truly make a difference we need to embed sustainability across the entire business. Integrating sustainability within our financial framework is a key step to keeping us accountable and building a resilient business for the long-term.
“We know the Australian wine industry has a carbon neutral future in its sights and we hope that TWE can demonstrate one way that winemakers can build sustainability into their business plans,”
According to the company, TWE has been committed to sustainability focusing on building a resilient business, fostering healthy and inclusive communities, and producing sustainable wine.
Other recent initiatives including launching a global domestic and family violence policy, becoming a founder member of the Sustainable Wine Roundtable, and joining the RE100 global renewable power initiative.
