The European Bank for Reconstruction and Development (EBRD) continues to support sustainability and emissions reduction in Croatia. The EBRD announced a €10 million investment in the first sustainable bond for the Croatian pharmaceutical sector.
The €10 million investment is part of a €60 million issue led by Jadran Galenski Laboratorij dd (JGL), the largest Croatian pharmaceutical company with global reach.
JGL bets on the emission reduction and sustainable growth
The company will use the funds to fund the expansion of its business, while committing to green and sustainable growth. The investment will support the firm’s plans to reduce its greenhouse gas emissions by 9 % by 2028. In addition, JGL plans to increase the number of beneficiaries of ocular hypertension screening tenfold in the countries where it operates over the next four years.
This goal of reducing emissions highlights how sectors such as the pharmaceutical industry are aligning with global efforts to combat the effects of the climate crisis. A crisis that directly affects public health, as detailed by the WHO in its Call to action on the climate crisis.
Reactions to investment
Frederic Lucenet, Global Director of Manufacturing and Services at the EBRD JGL said they are “delighted to have participated in this successful local green issuance with our long-standing client. JGL’s commitment to reducing Scope 1, 2 and 3 emissions in line with the SBTi is a model we look forward to seeing replicated across our growing life sciences portfolio.”
Mislav Vu?i?, CEO of JGL, said: “JGL is a successful, agile and smart company whose products are recognised and trusted by patients and consumers alike. Through investments in new markets, advanced technologies and current and future employees, we remain committed to our ambitious and sustainable path. I am particularly pleased that this new bond clearly reflects our dedication to sustainability and ESG goals. The strong interest and favourable final terms achieved are a testament to JGL’s credibility as a reliable issuer in the local capital market and I express my gratitude to the EBRD for its trust.”
