"Green" finance

Polymetal received the first green loan in the Russian mining sector from Societe Generale Bank in the amount of $125 million to finance projects for transition to sustainable and low-carbon economy.

This innovative transaction was made possible by implementing principles of sustainable development in the company's investment decisions.

Societe Generale fully supports Polymetal in reducing its carbon footprint and using resources efficiently, and will provide a 6-year green loan with 3-year grace period. The loan term can be extended up to 7 years one year after the agreement is signed. Loan funds will be allocated to the following categories of projects that meet the sustainable development goals and measures to counter climate change: clean transport, renewable energy sources, energy efficiency and responsible management of water resources and waste.

"Our goal is a business model based on the principles of sustainable development, and we actively invest in energy-saving technologies and efficient management of water resources and waste. By launching the first green loan, we provide our creditors with opportunity to assist implementation of the company's ESG strategy and ensure that company green projects and strategy meet the global sustainable development goals" - Eugenia Onuschenko, Director of Corporate Finance at Polymetal, as international media reports.

Stephanie Clement de Givry, Head of International Finance for the Mining and Metals Sector at Societe Generale, said: "Societe Generale is pleased to once again assist Polymetal in integrating environmental, social and corporate governance commitments into its financial strategy at a new level by providing the company with a green loan in accordance with the recently adopted Green Finance Policy".
 
Reference: Societe Generale is a French financial conglomerate, together with BNP Paribas, Crédit Agricole and Groupe BPCE, which makes up the "big four" of country banking market. As of 2017, it is the third largest bank in France and the 20th in the world in terms of assets. It has been one of the globally systemically important banks since 2011.