Austrian leader in sustainable specialty fibers, Lenzing Group, has been recognized for its sustainability efforts. The Lenzing Group's rating has been upgraded from A to AA by the prestigious rating agency MSCI. As a result, Lenzing is in the top 6% of companies in its peer group in the globe.
Thomas Obendrauf, chief financial officer of the Lenzing Group, said that they’re convinced that the fiber sector will need to evolve in order to fulfill future ecological and social demands. For many years, the topic of sustainability has been firmly embedded in their strategy and is critical to their commercial success. In this industry, Lenzing is a true pioneer and they will continue to be a role model in the future.
Lenzing's interest expenditure will be reduced as a result of the MSCI environmental, social, and governance (ESG) rating upgrade. In November 2019, Lenzing secured a €500 million bonded loan tied to its sustainability performance. In accordance with its obligation under the bonded loan placement, Lenzing said that it will contribute the whole amount of the interest expenditure saved as a result of the rating modification to a project it supports.
The company's ambitious climate ambitions, its approach to promoting a circular economy, and very good governance structure were the main reasons for the upgrade, as it was cited by the rating agency MSCI, whose rating determines the interest rate for the bonded loan.
By executing its science-based aims, Lenzing is actively involved in addressing the difficulties caused by climate change. Lenzing declared a strategic target in 2019 to reduce greenhouse gas emissions per tonne of product by half by 2030. Its long-term goal is to attain carbon neutrality by 2050. The completion of two key projects in Brazil and Thailand is a significant step forward in this process, and Lenzing's current Asian facilities are also on track to meet its decarbonization goals.
Collaboration with Swedish pulp producer Södra is another significant step forward in Lenzing's efforts to meet its ambitious climate and environmental goals. Both of these global market leaders, who have been actively pushing a circular economy in the fashion sector for many years, are pooling their resources to push this issue ahead of and contribute significantly to the solution of the worldwide textile waste problem.
Lenzing has won multiple awards for its achievements in 2021, particularly in the sphere of sustainability. Its EcoVadis grade in terms of corporate social responsibility is extremely impressive. For the first time, Lenzing has been awarded platinum certification, placing it in the top 1% of firms worldwide in terms of environmental, fair working conditions, and human rights, as well as ethics and sustainable procurement.
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