Syctom signs its first green loan with Societe Generale
This first green loan of EUR 30 million to finance a new household waste sorting centre in Paris underlines Syctom’s commitment to integrate its responsible approach in its financings.
Syctom, an intermunicipal union for the treatment of household waste, is a public service for the benefit of 6 million inhabitants, in 85 Île-de-France municipalities spread over 12 member territories.
A player in the sustainable city, Syctom is in charge of building a selective collection sorting centre in the Clichy-Batignolles eco-neighbourhood. Located at the foot of the new Tribunal de Grande Instance, this large-capacity, fully automated project, which incorporates the most advanced technologies, will prepare waste sorted from more than 900,000 residents of Parisian districts and nearby municipalities for recycling. 45,000 tons of packaging and paper will be processed there each year.
The implementation of this financing by Societe Generale reflects the bank's innovative capabilities and advanced Environmental & Social (E&S) expertise to develop tailor-made positive impact financing solutions for its customers.
In addition, this transaction is the very first green bank financing of the public economy market undertaken by Societe Generale, demonstrating the bank's commitment to the players in Greater Paris. Societe Generale has set up a unique governance system and a dedicated team combining the Group's business expertise to actively participate in the profound and sustainable transformation of the metropolis of tomorrow.
The responsible nature of this financing has been certified by the extra-financial agency Vigeo Eiris. This loan is consistent with the principles applicable to green loans (Green Loan Principles). Vigeo Eiris reviewed the Syctom's household waste treatment activity and assessed the contribution of this financing to sustainable development.
Vigeo Eiris thus attests that the objectives of this loan are consistent with Syctom's activity and sustainable development approach, as well as the challenges of its sector. The waste sorting centre project is considered suitable to contribute to the objectives of preventing and controlling pollution and mitigating climate change. According to Vigeo Eiris, it is likely to contribute to three United Nations Sustainable Development Goals: 9. industry, innovation and infrastructure, 11. sustainable cities and communities and 12. Responsible consumption and production.
The Syctom, the metropolitan household waste agency, is the leading European public operator for the treatment and recovery of household waste. Every year, it processes and recovers nearly 2.3 million tonnes of household waste produced by 5.8 million inhabitants of 85 municipalities, including Paris, in five departments of the Paris region, representing 10% of household waste treatment in France.
Vigeo Eiris is an independent international research and ESG (Environment, Social and Governance) services agency for investors and private and public organisations. It reviews risks and assesses the level of integration of sustainability factors into the strategy and operations of organizations.