Denmark. Pandora A/S
|Date of agreement:||22 Jun 2022|
|Amount in EUR:||EUR 100 million|
This loan is linked to ambitious key performance indicators agreed with our customer.
NIB provides the sustainability-linked loan to finance Pandora’s efforts in becoming more sustainable throughout the company’s operations. The sustainability-linked loan agreement creates financial incentives for the customer to further strengthen its climate and circularity efforts.
NIB and Pandora have agreed two targets and key performance indicators (KPIs) to be achieved. The KPIs are core and material to Pandora’s sustainability strategy:
1) Circular materials: the Company using only recycled gold and silver verifiable Responsible Jewellery Council’s Chain of Custody standard Recycled sources in its jewellery production by 2025;
2) Climate: halving the total greenhouse gas emissions across its value chain (including scope 1, 2 and 3) by 2030 from the base year 2019. Pandora’s climate target is approved by the Science-Based Targets initiative.
Pandora is the world’s largest jewellery brand and is listed on the Nasdaq Copenhagen stock exchange. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries. Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand.
Fulfilment of NIB's mandate
The targets set by Pandora A/S fit NIB’s mandate, as they contribute to the environmental objectives of climate change mitigation and enhance circular business models.
Both selected sustainability targets are ambitious and the KPIs are environmentally material to the sector and the client and are core to Pandora’s sustainability strategy.
Pandora’s science-based climate target is aligned with limiting global warming to 1.5°C. Successful supplier engagement will be crucial to reaching both targets.
The target achievements are reported annually in Pandora’s sustainability report, and NIB will follow up on the selected key performance indicators with the client.