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Carrefour’s Sustainability-Linked Bond Framework SPO provided by V.E

V.E has provided a Second Party Opinion (SPO) on Carrefour’s Sustainability-Linked Bond Framework. The framework has been designed to issue sustainability-linked bonds linked to 3 Key Performance Indicators (KPIs) and their associated Sustainability Performance Targets (SPTs):

KPI 1: GHG emissions reduction (Scope 1 and 2) (in GtCO2e)
   • SPT: Reduce GHG emissions by 30% by 2030 and 55% by 2040, compared to 2019 levels
KPI 2: Tonnes of packaging avoided
   • SPT: Avoid the placing on the market of 20,000 tonnes of packaging by 2025
KPI 3: Food waste generated by the stores (in tonnes / m2)
   • SPT: Reduce food waste by 50% by 2025 compared to 2016 levels

V.E is of the opinion that Carrefour’s Sustainability-Linked Bond Framework is aligned with the core components of the Sustainability-Linked Bond Principles (SLBP) 2020.

V.E considers the selected KPIs demonstrate an overall robust materiality and that the SPTs demonstrate an overall robust level of ambition. Of note, V.E’s opinion on the KPIs’ relevance is a consolidation of the materiality assessment of all 3 KPIs. However, V.E considers that the KPI 1 is partially relevant, core and material to the company’s business strategy for its current and future operations and partially reflects relevant sustainability challenges for its industry sector. An area for improvement consists in integrating Scope 3 GHG emissions in the coverage of the selected KPI.

Carrefour SA engages in the provision of supermarkets and retail stores. The Company was founded in 1959 and is headquartered in Boulogne-Billancourt, France. In 2018, Carrefour SA acquired QuiToque, a Company which offers a French meal kit delivery service. In 2020, the Company acquired Dejbox to boost its e-commerce operations.

V.E has produced more than 370 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.


To learn more about Carrefour‘s Framework, click here.
To see our full Second Party Opinion, click here.


For more information on this mission and V.E’s Sustainable Finance Solutions:
Savannah Rowe
Communications Assistant

Benjamin Cliquet
Head of Sustainable Finance Business Development

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