ASB And Trevelyan’s Partner On New Sustainability Linked Loan

Wednesday, 17 May 2023, 12:33 pm
Press Release: ASB Bank

New Zealand’s largest family owned and single-site kiwifruit and avocado post-harvest service provider, Trevelyan’s, is taking steps to grow a better future, signing a sustainability linked loan (SLL) with sustainability coordinator ASB.

Sustainability linked loans (SLLs) require the borrower to commit to key environmental, social and/or governance (ESG) targets, with borrowing costs adjusted based on their performance against these targets.

Trevelyan’s has committed to three key areas of focus - reductions in both waste and carbon emissions and improved wellness metrics for its workforce.

Trevelyan’s Managing Director, James Trevelyan, says the focus on waste, carbon emissions and wellness feeds back to Trevelyan’s sustainability framework of three key pillars that define its kaupapa to work smart, tread lightly and treat their people with respect.

“We are fully aware that sustainable practices are a long-term investment and will drive ethical and financial value for our business, our people and the planet. We are delighted to partner with ASB with this shared vision.

“One of our goals is to reduce our waste to landfill by 10% per year, based on a 2021 baseline, with a further intention of sending zero waste to landfill by 2030,” says Mr Trevelyan.

ASB Head of Sustainable Finance, James Paterson, says it’s encouraging to see businesses increasingly focused on sustainability, and doing business more thoughtfully.

“The work from Trevelyan’s with this new SLL is a credit to them and their desire to grow a better future and tread lightly as they do so. We are proud to help bring this to life.”

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He says ASB is progressing well on its mission to support industry transition with a cumulative sustainable lending target of $6.5 billion by FY30 for green, social and sustainability-linked lending across the rural, property, corporate and business sectors with around $810 million committed to date.

The verification of this innovative SLL, defining the key performance indicators and the development of the documentation was supported by Deloitte and Russell McVeagh.

Russell McVeagh partner John Powell says, "Aligning funding arrangements with its sustainability goals demonstrates genuine commitment to bringing about positive change, and our team is proud to have supported in this significant step towards realising Trevelyan's ESG targets and ambitions."

ASB is Toitu Carbon Zero certified and recently became a signatory to the UN Principles for Responsible Banking - the world’s foremost sustainable banking framework developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

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