Nokia has signed a new €1.5 billion ($1.75 billion) five-year multicurrency revolving credit facility (RCF), which includes two one-year extension options. The agreement replaces its previous €1.412 billion ($1.65 billion) RCF signed in June 2019 and incorporates a sustainability-linked pricing mechanism tied to the company’s environmental targets.
Under the terms of the agreement, the interest margin of the facility will be adjusted based on Nokia’s annual progress toward two key climate targets: reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions and reducing absolute Scope 3 GHG emissions. Performance against these targets during set observation periods will determine pricing changes in the following year.
Nokia stated that the new facility aligns with its broader financing and sustainability strategy, building on earlier initiatives such as its 2019 sustainability-linked RCF, a sustainability-linked guarantee facility introduced in 2022, and the launch of a sustainable finance framework in 2023.
The company has committed to achieving net-zero GHG emissions across Scope 1, 2, and 3 by 2040. This target is validated by the Science Based Targets initiative (SBTi). In March 2025, Nokia published its 2024 Annual Sustainability Statement, aligning with the EU Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards.
Commenting on the refinancing deal, Nokia CFO Marco Wirén said, “We’re delighted with the strong support and commitment from our key banking partners in this refinancing transaction that connects our financing strategy with our sustainability priorities.”
Subho Mukherjee, Vice President of Sustainability at Nokia, added, “Continuing to link the pricing of the revolving credit facility to our science-based climate goals is a strong step forward demonstrating our commitment to our sustainability targets.”
