COSCO Shipping Energy Secures China's First ESG-Tied Maritime Syndicated Loan

Financials Author: Mingmin Zhang Sep 11, 2023 12:56 PM (GMT+8)

On September 8, COSCO Shipping Energy Transpotation Co., Ltd. entered into an ESG-linked syndicated loan agreement with the Bank of China's Shanghai branch and COSCO Shipping Finance. This marks the maritime industry's first syndicated loan tied to ESG (Environmental, Social, and Governance) metrics in China, with a total amount of CNY 15 billion and a tenure of three years.

Recognized as a frontrunner in ESG management within China's maritime sector, COSCO Shipping Energy has consistently strengthened its international and domestic ESG ratings through solidifying ESG governance, enhancing transparency, and fostering external communications. Upholding the social responsibility ethos of "Energy from Collaboration", COSCO Shipping Energy has been publishing sustainable development reports for 15 consecutive years. Referencing the TCFD (Task Force on Climate-related Financial Disclosures) framework, the company has identified both risks and opportunities related to climate change and, in April of this year, unveiled the "COSCO Shipping Energy Biodiversity Conservation Statement".