Epic Group signs a sustainability-linked trade agreement with HSBC

YarnsandFibers News Bureau 2022-01-12 07:51:38 – Hong Kong

Garment manufacturing giant, Epic Group, has signed a sustainability-linked trade finance agreement with HSBC, with pricing tied to the company's environmental performance.

The funds will be used to support Epic Group's working capital and trade cycle, with pricing tied to the company's performance in terms of greenhouse gas emissions intensity, freshwater use intensity, and the Higg Facility Environmental Module – a system commonly used by garment brands to assess suppliers' sustainable capacity.

In Hong Kong, the trade facility is HSBC's first sustainability-linked trade finance transaction. According to the company, the new solution provides incentives tied to agreed-upon sustainability standards, allowing more enterprises to develop sustainable supply chains.

Epic is a multinational garment manufacturing group with operations spanning the whole garment supply chain, from design to fabric procurement to production.

Ranjan Mahtani, founder and group chairman of Epic Group, said that since its inception, HSBC has been a loyal sponsor and partner. They’re delighted to collaborate with HSBC on the sustainability-linked trade project, as sustainability is at the heart of their business. This facility will help them achieve their persistent aspiration aim of establishing sustainable leadership and making the world a better place.

Frank Fang, head of commercial banking at Hong Kong, HSBC, said that more companies have defined supply chain sustainability as a fundamental corporate aim, concentrating on the environmental and social consequences of their product life cycles. They’re ecstatic to launch Hong Kong's first sustainability-linked trade facility and expand their green financing offerings. It's their pleasure to offer additional support to Epic Group's net-zero transition path as their banking partner for more than 40 years.

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