NTN Signs a Sustainability Linked Loan Agreement with The Norinchukin Bank
Accelerating efforts to realize a sustainable society through funding linked to sustainability activities
NTN Corporation (headquartered in Kita-ku, Osaka; Eiichi Ukai, Representative Executive Officer, President; hereafter “NTN”) and The Norinchukin Bank (headquartered in Chiyoda-ku, Tokyo; Kazuto Oku, President & CEO; hereafter “Norinchukin”) have signed a Sustainability Linked Loan (hereafter “SLL”) agreement linking the loan terms to NTN's progress toward its Sustainability Performance Targets (hereafter “SPTs”).
NTN aims to realize a “NAMERAKA Society” in which people can easily lead a secure and fulfilling life in harmony with nature by implementing its corporate philosophy. In December 2020, we created a roadmap that stipulates materiality (key issues) to be prioritized and specific measures to promote ESG management by backcasting from the future we aim for.
With regard to one of our key issues, “realizing carbon neutrality,” we have set a target of achieving “carbon neutrality in FY2035 (FY2050 including supply chain),” and are promoting efforts to reduce CO2 emissions in our business activities and contribute to the environment through the provision of products and services*.
With the support of Norinchukin, NTN has now developed a Sustainability Linked Finance Framework that sets out achievement targets (SPTs) and applicable interest rates linked to loan terms as well as reporting and other requirements. In this framework, NTN has set as SPTs the status of achievement of interim targets toward “carbon neutrality in FY2035 (FY2050 including supply chain),” which is NTN's target for decarbonization, and we will accelerate its efforts to reduce CO2 emissions to achieve the SPTs.
This framework will continue to be used for financing based on the progress of sustainability activities similar to those of each financial institution.
Through this agreement, Norinchukin will promote economic activities to solve environmental and social issues and support the growth of NTN's business activities through the provision of funds, while NTN will build a stable financial base and accelerate its efforts to solve social issues, including environmental issues, through the steady achievement of SPTs.
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