Supporting our ongoing objective to achieve the highest
environmental, social and governance standards
MONTRÉAL, May 24, 2023
/PRNewswire/ - Bell Canada (Bell)
announced today that it has entered into its first
Sustainability-Linked Derivatives (SLDs). The SLDs leverage
Bell's ambitious key performance indicators (KPIs) designed to
measure performance on environmental, social and governance (ESG)
targets and underscores Bell's continued objective to achieve the
highest ESG standards and our purpose to advance how Canadians
connect with each other and the world.
"We're proud to announce our inaugural Sustainability-Linked
Derivatives. This new initiative, combined with the publication of
our first Integrated Annual Report earlier in March, demonstrates
our focus on integrating sustainability within our financial
performance and aligns with our ESG objectives to make a positive
difference with our investments, supporting a more sustainable
and prosperous future."
– Curtis
Millen, SVP, Corporate Strategy & Treasurer, BCE and
Bell
The SLDs introduce a pricing adjustment that increases the
derivatives' cost based on Bell's performance towards its
science-based target to reduce its operational GHG emissions (Scope
1 and 2) of 58% by 2030 from a 2020 base year with the Science
Based Targets initiative1 (SBTi). Bell selected this
Sustainability Performance Target (SPT) to support its objective to
meet its science-based targets for GHG emissions reduction by tying
performance with financial costs. The SPT will be measured as of
2030 and a limited assurance review of Bell's targets will be
performed by an independent third party.
The SLDs follow the announcement of BCE's Sustainable
Financing Framework in April 2021,
Bell's inaugural $500
million Sustainability Bond offering in May 2021 with proceeds allocated to eligible
green and social investments and the conversion of its $3.5 billion committed credit facilities to
a Sustainability Linked-Loan (SLL) in November 2022.
Scotiabank and TD Securities acted as Lead Sustainability
Structuring Advisors and Swap Arrangers for this transaction. BMO
Capital Markets acted as Sustainability Advisor. CIBC Capital
Markets, Desjardins Securities, National Bank Financial Markets,
RBC Capital Markets and Wells Fargo were Sustainability Swap
Providers in this transaction.
_____________________________________
|
1 Our
science-based targets (SBTs) have been recalculated to reflect
restated GHG emissions for our 2020 base year, in line with Science
Based Targets initiative (SBTi) criteria and recommendations. The
SBTi has approved our targets in 2022, prior to the recalculation.
The recalculated targets will be submitted to SBTi in 2023 for
approval. The SBTi requires that targets be recalculated (following
the most recent applicable SBTi criteria and recommendations) at
least every five years, or more often if significant changes occur
(e.g., business acquisitions/divestments). As a result, our SBTs
may need to be adjusted again in the future.
|
Environmental, social and
governance performance
Bell's ESG objectives aim to create social and environmental
benefits by helping to build a better world, better communities and
a better workplace. Our approach focuses on enhancing our
environmental sustainability programs to have a positive impact,
creating a workplace focused on diversity, equality, inclusion and
employee well-being, and leading in mental health through our Bell
Let's Talk initiative.
In 2022, Bell maintained ISO 50001 certification of its energy
management system for a third consecutive year, after becoming the
first communications company in North
America to achieve that designation for an Energy Management
System and was named the inaugural Greenhouse Gas (GHG)
Reductions Champion by Clean502, a national
sustainability organization. We announced our goal to have carbon
neutral operations3 starting in 2025 and have been
recognized as one of Canada's Greenest Employers4 for
the seventh consecutive year.
Information about Bell's environmental initiatives and the
benefits we deliver to our customers, team and communities,
including our Bell for Better investments in mental
health, environmental and workplace best practices, is in BCE's
2022 Integrated Annual Report available at BCE.ca.
A copy of BCE's Sustainable Financing Framework and further
information on our sustainability strategy can be found
at BCE.ca.
About Bell
Bell is Canada's largest communications company5
providing advanced Bell broadband wireless, Internet, TV, media and
business communications services. Founded in Montréal in 1880, Bell
is wholly owned by BCE Inc. To learn more, please
visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk
_____________________________________
|
2 Bell was
named the inaugural Clean50 GHG Reductions Champion for 2023, in
recognition of Bell's performance between 2019 and 2022 in reducing
our GHG intensity (CO2e per petabyte). Canada's Clean50 is
primarily managed by Delta Management Group, a Canadian
sustainability, ESG and cleantech focused search firm, and annually
recognizes individuals, small teams and business for their
contributions to sustainability in Canada.
|
3
Performance is based on operational GHG emissions (scope 1 and
scope 2 emissions in tonnes of CO2e) minus GHG emissions offset by
carbon credits purchased (in tonnes of CO2e). Scope 1 emissions are
direct GHG emissions from sources that are controlled by Bell.
Scope 2 emissions are indirect GHG emissions associated with the
consumption of purchased electricity, heating/cooling and steam
required by Bell's activities.
|
4 Canada's
Top 100 Employers report is issued annually by Mediacorp. For more
information, see:
https://www.canadastop100.com/national/
|
5 Based on
total revenue and total combined customer connections.
|
Media inquiries
media@bell.ca
Investor inquiries
Richard
Bengian
richard.bengian@bell.ca
Caution Concerning Forward-Looking
Statements
Certain statements made in this news release are forward-looking
statements, including statements relating to our ESG objectives and
commitments including, without limitation, our goal to achieve
carbon neutral operations starting in 2025 and to achieve our
science-based targets and SPT for GHG emissions reduction, our
business outlook, objectives, plans and strategic priorities, and
other statements that are not historical facts. All such
forward-looking statements are made pursuant to the "safe harbor"
provisions of applicable Canadian securities laws and of
the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to inherent risks and uncertainties and are
based on several assumptions which give rise to the possibility
that actual results or events could differ materially from our
expectations. These statements are not guarantees of future
performance or events, and we caution you against relying on any of
these forward-looking statements. The forward-looking statements
contained in this news release describe our expectations at the
date of this news release and, accordingly, are subject to change
after such date. Except as may be required by applicable securities
laws, we do not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether
as a result of new information, future events or otherwise. Our ESG
objectives and commitments, and the benefits expected to result
therefrom, are subject to risks and, accordingly, there can be no
assurance that our ESG objectives and commitments will be completed
or that the benefits expected to result therefrom will be realized.
In addition, forward-looking statements for periods beyond 2023
involve longer-term assumptions and estimates than forward-looking
statements for 2023 and are consequently subject to greater
uncertainty. In particular, our GHG emissions reduction and
supplier engagement targets are based on a number of assumptions
including, without limitation, the following principal assumptions:
implementation of various corporate and business initiatives to
reduce our electricity and fuel consumption, as well as reduce
other direct and indirect GHG emissions enablers; no new corporate
initiatives, business acquisitions, business divestitures or
technologies that would materially change our anticipated levels of
GHG emissions; our ability to purchase sufficient credible carbon
credits and renewable energy certificates to offset or further
reduce our GHG emissions, if and when required; no negative impact
on the calculation of our GHG emissions from refinements in or
modifications to international standards or the methodology we use
for the calculation of such GHG emissions; no required changes to
our science-based targets pursuant to the SBTi methodology that
would make the achievement of our updated science-based targets
more onerous or unachievable in light of business requirements; and
sufficient supplier engagement and collaboration in setting their
own science-based targets, no significant change in the allocation
of our spend by supplier and sufficient collaboration with partners
in reducing their own GHG emissions. For additional information on
assumptions and risks underlying certain of our forward-looking
statements made in this news release, please consult BCE Inc.'s
(BCE) 2022 Annual MD&A dated March 2,
2023, BCE's 2023 First Quarter MD&A dated May 3, 2023, and BCE's news release dated
May 4, 2023 announcing its financial
results for the first quarter of 2023, filed by BCE with the
Canadian provincial securities regulatory authorities (available at
Sedar.com) and with the U.S. Securities and Exchange Commission
(available at SEC.gov). These documents are also available at
BCE.ca.
![Bell Canada (MTL) Logo (CNW Group/Bell Canada) Bell Canada (MTL) Logo (CNW Group/Bell Canada)](https://mma.prnewswire.com/media/2084012/Bell_Canada_Bell_announces_first_Sustainability_Linked_Derivativ.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bell-announces-first-sustainability-linked-derivatives-301832948.html
SOURCE Bell Canada