ITV has agreed a new syndicated £500 million revolving credit facility (RCF) linked to its carbon emissions targets.
Under the terms of the RCF, the broadcaster will benefit from a lower interest rate if it delivers emissions reductions in line with its net zero roadmap, which will be assessed on an annual basis and verified by independent external review.
ITV’s chief financial officer Chris Kennedy said: “The inclusion of ESG targets within this important financing demonstrates ITV’s further commitment to achieve net zero targets by 2030.”
The deal has been agreed with Barclays Bank, BNP Paribas, Credit Suisse, Mizuho Bank, National Westminster Bank and Wells Fargo.
The terms run until January 2027, replacing the existing facility, which was due to mature in 2023.
Last year ITV announced updated green targets, including:
- Ensuring all programmes produced and commissioned by ITV from 2021 onwards will go through sustainable certification
- Ensuring all ITV colleagues complete climate crisis training by the end of 2021
- Phasing out petrol and diesel cars in ITV’s fleet and in on-air competitions
The broadcaster has previously committed to becoming net zero by 2030 by implementing measures such as reducing carbon emissions, using 100 per cent renewable energy, and running a 100 per cent sustainable supply chain.