The food company Borges has formalized with the bank BBVA a sustainable loan for an amount of €15.7 million, whose conditions are linked to the evolution of the environmental impact of its industrial production, as reported by both yesterday.

The improvements aimed at sustainable production that Borges has agreed to carry out for the financing include a reduction in the consumption of hexane hydrocarbon for the extraction of seed oil and a reduction in the consumption of diesel for heating.

The loan will help Borges meet the UN’s Sustainable Development Goals (SDG), while also covering the company’s growth needs.

BBVA will evaluate its commitment to sustainability with the environmental consulting firm Anthesis Lavola, which will issue reports on the monitoring of these parameters.

Juli Tecles, Borges’ financial director, stated that “A large part of the funds have allowed for productive improvements based on energy efficiency criteria, as well as other investments in the area of industry 4.0”. Joan Piera, BBVA’s regional director of Corporate and Business Banking in Catalonia, said that these operations “consolidate BBVA’s leadership in sustainable bank financing and business support”, as, in his opinion, “now more than ever sustainability must be part of a company’s strategy to drive an environmentally-friendly economic recovery”.

Financial institutions have recently seen an interesting line of business in boosting loans for environmental improvements that companies cannot afford to miss. In this sense, BBVA has joined the European alliance in which the authorities, companies, and social agents and the NGOs are committed to a sustainable solution to the crisis caused by Covid-19. A total of 240 companies have joined this commitment, known as Grupo Español para el Crecimiento Verde  (Spanish Group for Green Growth).

A couple of years ago, BBVA announced its commitment to mobilize around 100 billion euros in “sustainable financing” by 2025. In the last two years, BBVA has lent a total of 30,000 euros of this planned amount. “The institution’s aspiration is that all the products offered by customers, whether large companies, institutions, SMEs or individuals, should have a sustainable solution“, BBVA sources explain.