Launched in March, the 1.5°C loan provided by OCBC incentivises corporates to set and work towards clear carbon emissions reduction targets aligned with internationally recognised, science-based net-zero decarbonisation pathways for their sectors.
City Developments Limited (CDL) has become the first corporate to obtain the OCBC 1.5°C loan, with interest rate incentives pegged to annual decarbonisation performance targets.
CDL’s three-year GBP200 million ($338.2 million) sustainability-linked revolving credit facility (RCF) will be used for refinancing, general corporate funding and working capital purposes, according to a Dec 4 announcement.
