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Codelco obtains $532m in climate financing

Kitco Media
By Reuters
Published:
Updated:
Reuters
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Codelco said on Tuesday it has obtained $532 million in climate financing authorized by French bank Credit Agricole CIB.

The funds will be used to finance its decarbonization plan, it said, under which it aims to decarbonize 100% of its energy matrix by 2030.

Codelco launched the plan in 2018 when it signed a decarbonized supply contract with energy company Engie ENGIE.PAfor its Chuquicamata site, the company added.

Codelco, which accounts for about 9% of Chile’s energy consumption, said the funds will go towards achieving its sustainability targets, which includes renewing electricity supply contracts with renewable energy sources.

(Reporting by Fabian Cambero; Writing by Natalia Siniawski; Editing by Sarah Morland)

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