Citi Collaborates With Vodafone to Support Emissions Reductions Through Supply Chain Finance
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Vodafone suppliers to receive better rates based on improvements to environmental sustainability
Citi, in collaboration with Vodafone Group Plc, announces the addition of environmental criteria to Vodafone’s Supply Chain Finance Programme. Eligible suppliers to Vodafone will now be able to access preferential SCF rates from Citi by disclosing environmental data and demonstrating improvements to their performance.
Eligible Vodafone suppliers will be able to access preferential financing rates from Citi based on multiple factors. These include an independent supplier categorisation and roadmap framework, which was jointly developed by Vodafone and CDP, a global not-for-profit organisation that runs a global environmental disclosure system. It is hoped that this new programme will encourage suppliers to reduce their carbon footprint and ultimately contribute towards Vodafone meeting its Scope 3 emissions targets.
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The launch comes as Citi continues to roll out sustainable Trade and Working Capital solutions, including Sustainability-linked Supply Chain Finance, as part of its commitment to help clients with solutions to achieve their environmental ambitions.
“We are delighted that Vodafone has collaborated with Citi to deliver this sustainability-linked solution for its suppliers. As a firm, we are committed to reaching net zero greenhouse gas emissions by 2050 and are pleased to be supporting Vodafone with its own important efforts to meet its broader emissions reduction goals”, commented Chris Cox, Global Head of Trade and Working Capital Solutions, Treasury and Trade Solutions.
“With this launch, Citi is happy to strengthen its long-standing relationship with Vodafone, having supported their Supply Chain Finance programme for over a decade and continuing to serve them in more than 40 countries across a wide product offering”, commented Erik Arveschoug, Global Head of Tech & Comms Corporate Banking.
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