Standard Chartered Partners With PVH Corp. on Sustainability-Linked Supplier Finance Program
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Enhanced partnership, which is part of a global supplier finance program, will advance PVH Corp. and its suppliers’ environmental ambitions across the supply chain
Standard Chartered Bank has embarked on a sustainability-linked supplier finance program with PVH Corp. Under this new sustainability-linked facility, PVH’s suppliers will have their day-to-day operations benchmarked against PVH’s environmental & sustainability performance metrics. Suppliers who meet the standards will qualify for discounted financing. In addition to environmental targets, PVH’s metrics will encompass social elements, including a healthy and safe working environment, and employment issues, such as forced labor, child labor, and harassment and abuse.
“We are extremely proud of the opportunity to expand upon our global supplier finance partnership with this initiative and support PVH’s Environmental, Social, and Governance (ESG) commitments,” said Joao Galvao, Head of Trade Sales Americas, Standard Chartered. “Trade finance has the unique ability to engage and incentivize companies across supply chains and improve working and environmental standards. We are passionate about enabling greater participation in global trade and facilitating access to growth and look forward to continuing doing so through sustainable trade finance solutions.”
See related article: PVH Corp. Releases 14th Annual Corporate Responsibility Report
“PVH’s commitment to climate action and human rights is core to our Forward Fashion strategy. Through improved access to financing, our suppliers are empowered to invest in their businesses and people and contribute to our goals of advancing human rights in our supply chain,” said Rick Relinger, Chief Sustainability Officer at PVH.
Standard Chartered aims to help companies implement more sustainable practices and build more resilient supply chains, the Bank has launched sustainable trade finance solutions across Europe & Americas, Asia, Africa and the Middle East.