EDF and Standard Chartered announce world’s first corporate social hybrid bond
on 23 Aug 202123 August 2021, London/Paris – EDF successfully issued its first hybrid social bond, supported by Standard Chartered Bank, in order to expand the scope of its sustainable finance activities.
Through its new social bond framework, EDF intends to align the social impact of its capital expenditure with the environmental objective of maintaining a low carbon asset base.
A world first from a corporate, and the first benchmark issue of a social bond from a utility, EDF will allocate the bond proceeds to social projects that will achieve a positive social outcome by generating employment opportunities. Specifically, proceeds issued will be dedicated to finance or refinance capital expenditure contracted with small and medium-sized enterprises (SMEs) that support EDF’s activities within Europe and the U.K.
A leader in energy transition, EDF’s “raison d’être” outlines the Group’s corporate social responsibility (CSR) commitments. The strategy is structured around four key areas and focuses on supporting economic development and social wellbeing, while achieving the company’s 2050 carbon neutrality goal. To support these goals, EDF has been at the forefront of sustainability and was one of the first corporates to issue a green bond in 2013.
The issuance of a social bond further supports EDF’s commitments under its CSR strategy to the responsible development of local areas and of industrial sectors. Maintaining a network of SME and local subcontractors is critical to the issuer’s power generation and distribution activities and supports EDF’s commitments to contribute to the low carbon transition and achievement of the UN’s Sustainable Development Goals.
Isabelle Chastagner, Managing Director at Standard Chartered Bank commented: “Being at the forefront of innovative sustainable finance products and transactions is testament to our commitment as a bank to support a more sustainable future. Helping our clients achieve their environmental and social goals is key, and we’re delighted to partner once again with EDF to support them on their carbon neutral journey.”
This is the latest of a number of sustainable finance activities EDF and Standard Chartered have completed together, including a 200-million-euro revolving credit facility indexed to ESG criteria, and the use of the bank’s sustainable deposit product to help finance the UN SDG’s.
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For further information please contact:
Lauren Verner
Head of Communications, Europe
Standard Chartered Bank
Tel: +44 (0)207 885 7479
Email: lauren.verner@sc.com
Standard Chartered
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
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EDF
A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 37.9 million customers(1), 28.1 million of which are in France. It generated consolidated sales of €69 billion in 2020.
EDF is listed on the Paris Stock Exchange.
(1) The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.