As part of the transaction, Wesfarmers has committed to obtain all of the electricity volume requirements for its Bunnings, Kmart Group and Officeworks retail businesses from renewable sources by the end of 2025. The company has also committed to limit the average emissions intensity of its ammonium nitrate production plant to 0.25 tonne of carbon dioxide equivalent (CO2e) per tonne produced by the end of 2025.

In May 2021, ANZ Bank New Zealand partnered with Kathmandu Holdings Limited to establish a syndicated $100 million Sustainability-Linked Loan (SLL) facility, the largest syndicated SLL in the New Zealand market to date.

Kathmandu’s SLL will be measured against a reduction in greenhouse gas emissions, B Corp certification, and improving the transparency, wellbeing and labour conditions for workers in its supply chain.

Kathmandu Holdings Group CFO Chris Kinraid commented: “Sustainability is in our DNA and is a core foundation of the Group, linking our financial arrangements to our sustainability goals made perfect sense. It reinforces to our shareholders and stakeholders that we are committed to sustainability across all aspects of our Group”.

ANZ worked with both Wesfarmers and Kathmandu to structure their deals in line with market best practice, ensuring targets set were ambitious and material.