Coca-Cola İçecek (CCI) has received four loans from the International Finance Corporation (IFC) to support its ESG efforts in four countries.
The loans, worth a total of $250 million, will be used for projects at CCI’s facilities in Turkey and its three subsidiaries in Uzbekistan, Tajikistan and Iraq.
IFC, a member of the World Bank Group, said the financing will help the Turkey-based Coca-Cola bottler “implement sustainable production processes in four countries, including reducing energy and water consumption and improving circular economy practices.”
It added that the new funds “will support the creation of many direct and indirect jobs” as CCI aims to increase recycled PET bottle capacity, energy-efficient equipment, renewable energy projects and water-saving measures.
“Our company’s purpose is to create value for our consumers and customers, our people and our communities. We also strive to have a positive impact on the lives of people, communities and the planet through our sustainability initiatives,” said Erdi Kurşunoğlu, CCI’s Chief Financial Officer.
“This deal is a significant milestone in realizing CCI’s long-term expansion plans in some of its fastest growing markets.”
Encouraging “female labor force participation and women’s empowerment, particularly in management and board positions,” is another key objective for CCI, the statement said.
The bottler has committed to increasing the percentage of women among new employees and at management level to 35% and 40% respectively by 2030.
“Through our partnership with CCI, we can take the sustainability of the beverage sector to the next level and improve industry practices,” said Wiebke Schloemer, IFC Director for Turkey and Central Asia.
“This financing will support CCI in implementing sustainable production processes, promoting gender equality and stimulating job creation. The investment is in line with our mission to promote inclusive economic development by stimulating growth in the supply chain, logistics and distribution sectors of the project countries.”
CCI has committed to making 100% of its packaging recyclable and using at least 50% recycled content in its plastic packaging by 2030, in line with its sustainability goals.
The aim is also to increase ‘water efficiency’ by 20% by 2030, with 2020 as the base year.
Meanwhile, the bottler has pledged to reduce total absolute greenhouse gas emissions by 13% by 2030 and emissions per litre of product by 50% by 2030 as the business aims to grow, using 2015 as a base year.
In May, CCI signed a letter of intent with the government of Azerbaijan to set up a production site in the country.
The proposed $30 million facility will be built in the Azerbaijani city of Ismayıllı.
“Turkey’s Coca-Cola İçecek secures four loans focused on sustainability” was originally created and published by Just Drinks, a GlobalData brand.
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