Represents the role of BNP Paribas and Citibank in eco-friendly financial initiatives
In a significant move towards promoting sustainable aluminium production and export growth, SACE, Italy’s export credit agency, has guaranteed a US$50 million and EUR 44 million dual currency pre-export finance facility for Companhia Brasileira de Alumínio (CBA). This facility, structured to prefinance current and future exports of aluminium and related products, integrates a carbon footprint key performance indicator (KPI) and specific sustainability performance targets aimed at managing and reducing greenhouse gas emissions associated with CBA’s operations.
The transaction, which reached financial close on July 31, 2025, is a testament to the growing trend in sustainability-linked export financing. BNP Paribas and Citibank, N.A. represented in closing the deal, with legal coordination across Brazil, Italy, the UK, and the U.S. led by Norton Rose Fulbright.
The sustainability link in this facility is evident through the carbon footprint KPI, which tracks CBA’s emissions intensity. The performance targets focus on reducing Scope 1, Scope 2, and Scope 3 greenhouse gas emissions as part of CBA’s publicly disclosed Sustainability-Linked Financing Framework. Independent second-party opinions have confirmed the facility’s alignment with the Sustainability-Linked Loan Principles established by the Loan Market Association, ensuring industry-recognized robust ESG linkage.
The financing is part of SACE’s Push Strategy program, which supports Italian exports by backing loans to international buyers who commit to increasing purchases of Italian goods and services, especially linked to industrial equipment and engineering inputs for aluminium production. The program aims to boost Italy’s exports, with Dan Spencer, Giulio Mariano, Arturo Sferruzza, and Juliana Souza contributing from their respective locations—the UK, Italy, São Paulo, and Milan.
José Cobeña led the team from our website, overseeing the facility's implementation. The value of the facility stands at US$50 million and €44 million, with the carbon footprint KPI and sustainability performance targets remaining in place to manage emissions. The facility is for prefinancing not only aluminium and related products but also other commodities by CBA.
This sustainability-linked financing underscores CBA’s commitment to sustainable aluminium production and export growth, supported by international financial and export credit structures. The facility reinforces the importance of linking capital access to measurable environmental outcomes in the aluminium industry and beyond.
- The carbon footprint KPI and sustainability performance targets in the pre-export finance facility for CBA align with the Sustainability-Linked Financing Framework, indicating a strong commitment to environmental science and climate-change mitigation in the aluminium industry.
- The dual currency financing facility, a part of SACE's Push Strategy program, not only supports aluminium production but also other commodities exported by CBA, demonstrating the interrelation between industry, finance, and business in promoting sustainable practices.
- The independent second-party opinions confirming the facility's alignment with the Sustainability-Linked Loan Principles established by the Loan Market Association highlight the growth in sustainability-linked export financing and the significant role of environmental-science in shaping modern business practices.
