– It will be the first company in the industry to adopt an objective related to the gender gap.

– The company also highlighted its intention to join the Science Based Target initiative (SBTi) program, which establishes climate objectives based on science, with plans especially aimed at reducing emissions. 

April 17, 2024. Once again, Blumar adopted a sustainable financing model, through the Sustainability Linked Loan (SLL) modality. This is a credit that establishes benefits in the interest rate, to the extent that the company meets certain sustainability objectives. It also establishes penalties for eventual partial or total non-compliance of those objectives, following global standards for this type of instruments. 

On December 22, 2023, Blumar executed a syndicated loan for USD260 million linked to sustainability and led by Rabobank. Also participate the banks DNB, Santander and BCI also participated in the financing. The Credit Linked to Sustainability establishes goals for 2030 and is framed in four axes.

The most striking is gender equality, since the company proposed to advance in the implementation of transversal measures in this matter, being the first in the fishing and salmon sector to do so. To to  this , it incorporated the Women’s Empowerment Principles (WEP) into the work carried out by the company’s Executive Gender Equality Committee. WEP is a project led by the Global Compact and UNO Women, which allows a constant evaluation of the gaps between men and women. 

“Gender equity is part of our people strategy and incorporating a clear and verifiable goal in this refinancing challenges us to move faster and with better tools. We are proud to be the first in the sector to adopt this commitment, but we know that it is an important responsibility, and we take it with the greatest seriousness,” said the Blumar general manager, Gerardo Balbontín. 

Another of the highlighted pillars has to do with the fight against climate change. At this point, the company is committed to incorporate the Science Based Target initiative (SBTi) methodology to establish climate objectives and science-based targets, particularly regarding emissions reduction. Along the same lines, the goal will be to reduce the intensity of the scope 1 and 2 footprint by 30%, based on 2020 emissions, and also incorporate a goal in scope 3.

An issue that Blumar has been actively working on is the reduction of antibiotics. This work has positioned Blumar as one of the producers with the least use of these elements and, as part of the goals for 2030, the third pillar that the company will work on is to maintain the 60% reduction, based on 2017. 

Finally, efforts will continue to maximize waste recovery and achieve at least 90% waste recovery. The goal is to minimize the amount of waste sent to dump and promote the circular economy, where waste becomes valuable resources for new products or processes. This approach will contribute to the environment, generating economic and social opportunities through new jobs and the promotion of innovation in waste management. 

“This financing model reflects that sustainability crosses transversely the company and is much more than an area, it is a way to generate value for the future, seeking to be resilient to climate change and contribute to the fight against this phenomenon, with concrete actions and goals that are measurable. Subscribing this new loan with sustainable commitments will allow us to continue challenging our strategy and work aligned towards 2030, in line with our commitment to the ODSs and the company’s development model,” Balbontín pointed out.

With this refinancing, it is the second time that Blumar adopts goals in this area through a Sustainability Linked Loan. In 2020, it was a pioneer in advancing this financing model, through a work developed together with Rabobank, leading a group of global and national banks.

At Rabobank, our strategic priority is to support our clients in their transition towards more sustainable operations, and in this specific case it is a privilege to once again support Blumar in strengthening its sustainable roadmap, considering important social and environmental issues. This is why, through this Sustainability Linked Credit, Blumar’s commitment to gender equality, the reduction of carbon emissions, the reduction of antibiotic use and the recovery of waste is reinforced. We are very proud of this great collaborative work with Blumar that consolidates it as a benchmark in the industry,” commented Jorge Torres, Head of Wholesale Rabobank Chile & Perú.