The Diplomat
BBVA has signed an eight million dollar (7.5 million euro) financing agreement with the yarn manufacturing company Coats linked to sustainability indicators, the first operation of its kind in Turkey, the bank said in a statement.
Coats is a UK-listed business group with a presence in 50 countries. It employs more than 17,000 people and provides complementary and value-added products, services and software solutions to the apparel and footwear industries.
In addition, the company has recently completed the acquisition of Texon and Rhenoflex, both manufacturers of footwear components. Its latest operations in the UK and Turkey have been linked to the evolution of indicators such as the reduction of energy used to produce each kilogram of product or the percentage of sales coming from high quality polyester made from recycled material.
With this financing operation, Coats will continue to take steps towards reducing the carbon footprint of its activity, as well as making greater use of recycled materials. Previously, it had already reached sustainable financing agreements with BBVA in the UK.
As of September 2022, BBVA has already mobilised €124 billion, of which more than €13 billion was made in the third quarter, an increase of nearly 60% compared to the same quarter in 2021.
In climate action, and within the framework of its 2025 Goal to progressively align its activity with the Paris Agreement, the bank plans to finance €300 billion between 2018 and 2025, tripling the amount established in the initial target.
