British retailer Marks & Spencer has agreed a new £850 million ($1.13 billion) revolving credit facility that is linked to the delivery of its net zero targets.
In September, M&S pledged to become net zero in carbon emissions across its own operations, its entire supply chain, and its products by 2040, ten years ahead of a government target for Britain.
Under the terms of the new credit facility, M&S will benefit from a lower interest rate if it delivers targets aligned to its net zero roadmap.
The retailer said it had worked with BNP Paribas on the financing deal.
Britain's 'Fastest Growing Food Retailer'
On 14 December, NielsenIQ revealed that Marks & Spencer was Britain's fastest growing food retailer in the 12 weeks to 4 December, providing more evidence that the group's latest turnaround plan is delivering.
NielsenIQ said M&S's sales rose by 9.1% in the period year-on-year, outpacing German-owned discounters Lidl and Aldi, which recorded growth of 8.3% and 4.6% respectively.
They were the only three retailers to grow sales against the same period last year.
Market leader Tesco was the best performing of the so-called big four grocers, with its 0.7% sales decline significantly outperforming Sainsbury's, Asda and Morrisons, who recorded declines of 4.6%, 4.2% and 5.6% respectively.
Comparative numbers were tough as in the same period last year Britain was in Covid-19 lockdown.
Rival market researcher Kantar does not include M&S in its monthly reports.