Rabobank backs Musim Mas’ first sustainability-linked loan without finalising external verifiers

Quick Summary:

The palm oil giant says "reputable assessors" will track progress against goals in its US$217 million loan for "transparency and accountability.” Yet only one of two verifiers is confirmed, raising concerns about standard market practices.

The three KPIs approved by Rabobank require Musim Mas to ensure that the independent smallholders it contracts are certified by the Roundtable on Sustainable Palm Oil (RSPO), that it trains these smallholders, and that it maintains a deforestation-free palm oil supply chain.

Despite not conducting a pre-issuance external review – which global loan market guidelines recommend in order to assess the rationale and level of ambition of proposed targets – Musim Mas has referred to its KPIs in its media release as “ambitious, meaningful and measurable”.

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Article Details

Author / Journalist: Gabrielle See

Category: EconomyBusiness

Markets: SingaporeIndonesiaJapanMalaysiaNetherlandsUnited Kingdom

Topics: Climate finance Sustainable finance Greenwashing Financing Palm oil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 07:30:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 1550 words

Reading Time: 9 minutes read

Sentences: 45 lines

Sentence Length: 35 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 22446218

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