From Farm to Fork
Sodexo is the first global food services company to connect its corporate financing to food waste reduction targets, following a pledge by CEO Denis Machuel at the annual meeting of Champions 12.3 coalition partners which supports UN efforts to reduce food loss and waste.
The move which introduces a pricing adjustment to the group's €1.3 billion revolving credit facility (RCF) based on progress it is making towards realising a goal to reduce food waste by 50 per cent by 2025, follows the May launch of Sodexo's data-driven WasteWatch food waste prevention programme in conjunction with third-party auditor Leanpath at 3,000 sites worldwide.
Sodexo's latest RCF is being provided by BNP Paribas (who are acting as coordinator and documentation agent), Société Générale (acting as Coordinator and facility Agent), Banco Santander, Citibank,CM-CIC, HSBC, ING, Natixis and Wells Fargo, and replaces a €1.2bn facility agreed in July 2015.
Addressing the Champions 12.3 event which took place following the 74th session of the UN General Assembly, Denis Machuel, said:
"1.3 billion metric tonnes of food, a third of the food produced annually, is wasted or lost globally. This is unacceptable both from an environmental and a business perspective.
"Together with our suppliers, clients and consumers, we will do our part by preventing 50 per cent of the 117 thousand metric tonnes of food wasted or lost annually within our collective reach.
"We want to send a clear signal to all our stakeholders that as a company who strives to improve quality of life, Sodexo is accountable at all levels, including in its financing, for preventing food waste from farm to fork."