FLAG is the world’s first framework for companies in land-intensive sectors to set science-based targets that include land-based emissions reductions and removals. To align with the FLAG framework, companies must set no-deforestation commitments with targets no later than 2025, among others.
Global agri-business firm Cofco International has secured a US$600 million ($815.54 billion) sustainability-linked revolving credit facility from Oversea-Chinese Banking Corporation (OCBC).
The facility is under the bank’s OCBC 1.5°C loan programme, and marks the first financing facility with interest rate incentives tied to Science Based Targets initiative (SBTi)-validated Forest, Land and Agriculture (FLAG) targets.
