Corticeira Amorim, through its subsidiary Amorim Florestal, has established an innovative partnership with Caixa Geral de Depósitos (Caixa) to launch the first ESG operation in the cork sector with the aim of strengthening its commitment to sustainable development and forest preservation. The agreement focuses on reformulating a credit line dedicated exclusively to raw-material cork suppliers that offers particularly advantageous conditions linked to sustainability goals.
As a result of this initiative, Corticeira Amorim’s cork suppliers will be able to benefit from a discount on the interest-rate spread offered by Caixa based on their Environmental, Social and Governance (ESG) classification and their certification by the Forestry Stewardship Council (FSC®). This discount will be directly proportional to the suppliers’ respective level of development in terms of ESG and forest management practices. These special conditions seek to encourage Corticeira Amorim’s cork suppliers to adopt responsible and sustainable management practices, thus contributing to their operations having a more positive environmental and social impact.
This innovative operation was designed and structured entirely by the two entities involved and constitutes the first “supply chain” financing product to be launched by Corticeira Amorim with the aim of encouraging best ESG practices in its supply chain. The initiative also marks the company's sixth ESG financial operation, including the issuing of green and sustainability-linked bonds and commercial paper programs with a contracted total of €141.6 million.
Cristina Rios de Amorim, Corticeira Amorim’s Board Member and Chief Financial Officer, said: "In addition to our own operations, we want to create opportunities for our suppliers also to adopt responsible and sustainable practices. We annually implement several actions to conserve and expand cork oak habitats. These efforts go far beyond the forest areas under our direct management and include forest certification programs, occupational safety, technical training and support for forest owners.”
For João Tudela Martins, Board Member and Chief Risk Officer at Caixa, “This partnership aims to promote sustainable financing initiatives, providing favorable financing conditions for companies that present a sound Sustainability performance, particularly in environmental, social and governance criteria. Caixa is proud to partner with a notable player in the forestry sector in Portugal, a promoter of sustainable forest management, essential for mitigating the impact of climate change, as forests are important carbon sinks.”
In addition to its leadership in the sustainable financing area, Corticeira Amorim continues to invest in research and development. The company is also making significant investments in forest management projects, such as Herdade da Baliza, Herdade da Venda Nova and Herdade de Rio Frio. These projects, which occupy a total area of 8,181 hectares, focus on using applied research to develop more efficient and resilient forest management techniques in the face of climate change.
Through this new partnership with Caixa, Corticeira Amorim strengthens its leadership position in promoting sustainability, not only within its own company, but also across its entire network of suppliers and partners.
