ANZ has announced its participation in a collaborative effort with six global banks to secure a sustainability loan for Geely Automobile Holdings Ltd, a prominent Chinese car manufacturer. The loan, amounting to US$400 million over three years, aims to bolster Geely Auto's investments in research and production within the new energy sector. This financial move is intended to accelerate advancements in new energy vehicle technologies.
The agreement follows Geely Auto's introduction of its "Sustainable Finance Framework" in May. This framework sets the stage for future issuance of green, social, and sustainability bonds and loans by the company.
Stella Saris Chow, ANZ's Head of Sustainable Finance, International, expressed satisfaction with the collaboration: "We are pleased to support Geely Auto in linking their financing to their sustainability goals, including reducing carbon emissions by committing to transform their business towards electromobility and becoming a carbon-neutral company."
Ms. Saris Chow also highlighted that Geely Auto's strategy aligns with ANZ's mission to aid customers in transitioning to net zero emissions. She noted potential opportunities for other automotive companies that share similar environmental commitments.