Odfjell on course to net zero
The shipping world's first CO2-linked bond to reduce carbon intensity by 50% by 2030.
Odfjell is a Norwegian tanker company specialising in the transport of chemicals. With around 70 ships and 2,300 employees, the goal is to reduce the intensity of CO2 emissions by 50 percent between 2008 and 2030.
| Client |
Industry |
Our role |
|
Odfjell |
Transportation |
Sustainability-linked bond |
Odfjell is a Norwegian tanker company specialising in the transport of chemicals. With around 70 ships and 2,300 employees, the goal is to reduce the intensity of CO2 emissions by 50 percent between 2008 and 2030. A high ambition, which is also reflected in how one chooses to finance their business.
Unlike a regular green bond, which is earmarked for a specific purpose, Odfjell's loan terms are directly linked to how it succeeds in reducing its CO2 emissions.
Together with SEB, Odfjell has developed a framework for a sustainability-linked bond. Odfjell borrows NOK 850 million to be able to continue its green transition. SEB sees this type of transaction as an important instrument in the industry’s development towards zero emissions.
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