Scoop has an Ethical Paywall
Fortuna Group Secures ASB Sustainable Transition Loan To Further Sustainability Strategy
The Fortuna Group (FGL Ltd) is a Southland based dairy company that has garnered a deserved reputation for quietly innovating and front-footing their sustainability efforts. These efforts have now been boosted by securing an ASB Sustainable Transition Loan.
With favourable borrowing terms, the ASB Sustainability Loan is an example of the growth of sustainable finance, which offers benefits to companies who are committed to a more sustainable future. For the Fortuna Group, this means they are able to build upon current initiatives and further their commitment to the ambitious goals of their Environmental Strategy.
“Dairy Farming is important to New Zealand and we measure success not just in milk solids, but in our ability to be good custodians of the land and making sure it is fit for future generations of Kiwi’s” says Fortuna Group CEO, Matthew Richards. “This loan will support a number of key initiatives we have developed in the areas of soil, water and climate action. But more than that, it also enables us to help develop a more sustainable operation that keeps everyone safe, supported and up-skilled, so the industry can continue to contribute to the economy in a positive way”.
The ASB Loan holds borrowers to account, with specific requirements and the production of a Sustainability Strategy which must cover key areas including; the environment, social impacts and governance. Reporting intervals must be adhered to and the onus is on the borrower to measure and report on targets agreed in the required Board adopted Strategy. These will be reviewed by an Independent Third Party.
Matthew Richards says “For Fortuna, it reinforces parts of the current strategy and thinking. But it also helps nudge us along and gets us excited about what else we might be able to achieve. With banks and businesses working together for a more sustainable future, it’s a real positive and wonderfully represents the importance of doing business the right way”.
About Fortuna Group Ltd
The Fortuna Group is a Southland based dairy company producing 5.6 million kilograms of milk solids every year. The group is home to over 13,500 dairy cows, spread across 4,695 hectares and 19 dairy farms.
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
