When Caramuru, a large Brazilian commodities trader that specialises in soy and other agricultural commodities, began to assess its options for debt-raising tools last year, it decided to consider green bonds.
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To qualify for such a deal, the company ran through more than 5,000 suppliers to document that none of its supply chain was part of deforestation or included modern slavery labour anywhere within its businesses. And this was for a structure that offered opaque cost benefits at best.
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