Wednesday, 03 August 2022 09:25

First hort sector sustainability loan

Written by  Staff Reporters
T&G Global chief executive Gareth Edgecombe. T&G Global chief executive Gareth Edgecombe.

T&G Global says it has signed the New Zealand horticulture sector’s first sustainability-linked loan, borrowing $180 million.

The three-year loan commits T&G to a science-based, greenhouse gas emissions reduction target that aligns with limiting the global average temperature increase to 1.5°C above preindustrial levels.

The loan also requires T&G to undertake a comprehensive climate risk adaptation plan to enable the company to adapt to the impacts of a changing climate and create permanent job opportunities and career pathways to help boost regional development.

T&G chief executive Gareth Edgecombe says the loan is a critical and strategic move towards long-term sustainability.

“We’re committed to making positive changes and transitioning to a healthier and more sustainable future,” says Edgecombe.

“Our Sustainability-Linked Loan and its ambitious targets demonstrates our commitment to embracing sustainable practices and meeting global consumer needs. This includes helping New Zealand transition to a low-carbon economy by decarbonising our business and adapting to a changing climate, as well as building thriving local communities.”

Edgecombe claims this loan will ensure the company keeps sustainability at the forefront of its business.

The loan follows on from T&G achieving its first climate objective of sourcing 100% of electricity from renewable sources. This was achieved by implementing energy efficiencies and switching to renewable electricity certificates to cover domestic and international electricity consumption per year.

Doug Bygrave, T&G chief financial officer, says the loan is an important milestone in the company’s 125-year history.

“T&G has a strong history of taking care of an environment we significantly rely on and looking after our people.

“We know the creation of permanent roles and the fostering of careers not only benefits individuals and families, but the benefits flow deep into local communities,” he says.

“By working with our principal banks Rabobank and BNZ as Joint Sustainability Co-ordinators, (as well as participation from HSBC and Westpac), we’ve structured a loan that sets clear and meaningful targets, which upon delivery, will deliver improved cost of capital and further embed sustainability within T&G.”

Bygrave says the loan incentivises the company to invest in climate change mitigation and adaptation activities. He adds that a key focus is the decarbonisation of its transport fleet and glasshouses, as well as electricity efficiency.

“It’s a big challenge, and our targets in the loan reflect our ambition to limit our impact and adapt.”

More like this

Good times return

Following several years of pain, farmers and growers are facing a decent upswing in commodity prices, say economists.

Featured

Pāmu farm opens gate to urban visitors

For many urban New Zealanders, stepping into Pāmu’s Pinta dairy farm near Taupo last month was the first time they had had the chance to experience farm life up close.

National

New Summerfruit NZ CEO

Dean Smith has been in the role of CEO of Summerfruit NZ for about four months, having succeeded Kate Hellstrom…

Machinery & Products

Ecorobotix announces NZ dealership

Swiss-based Ecorobotix has announced its entry into the New Zealand market through a strategic partnership with Canterbury-based New Zealand Tractors.

Sorting unwashed potatoes made easy

Downs, a leader in potato reception, automated sorting, and storage, has introduced its new high-throughput optical sorter for unwashed potatoes…

Jumbo X saves time and money

A winner of a prestigious ‘Technical Innovations 2024’ award by FederUnacoma at the EIMA show in Italy, the Maschio Jumbo…

NH unveils specialty tractor

New Holland recently showcased its new-generation T4.120 F specialty tractor, giving New Zealand customers a closer look at the winner…

Combining track and tyre

While the last fifty years has seen massive evolution and development of the humble tractor tyre, the last two decades…

» Latest Print Issues Online

The Hound

Dodgy!

OPINION: If you believe Maori Party president John Tamihere’s claim that “nothing dodgy” occurred at Manurewa Marae during the last…

» eNewsletter

Subscribe to our weekly newsletter