Energy company Eni has launched a supply chain finance program designed to incentivize sustainable development.
The new Sustainable Supply Chain Finance Program is focused on the energy supply chain and allows Eni’s suppliers to request advance payment of invoices if they have committed to sustainable development, the Italy-based firm said in a Friday (March 24) press release.
“With this new program, Eni is strengthening its support strategy for companies by offering concrete tools for creating long-term value while emphasizing the importance of involving the entire supply chain towards a path of sustainable growth,” Eni said in the release.
Eni’s suppliers can request to join the program by using Open-es, the company’s digital platform for industry, finance and trade associations dedicated to sustainable supply chains, and improving their environmental, social and governance (ESG) performance, according to the release.
The digitally enabled program employs technology from FinDynamic and financial services from Crédit Agricole and UniCredit, the release said.
It also allows Eni’s suppliers to access credit simply, quickly and on favorable terms, per the release.
This announcement comes on the heels of the launch of several other offerings related to ESG.
In February, spend intelligence and procurement performance management firm SpendHQ debuted tools that help companies remain current on new regulatory compliance changes, keep track of their spending with diverse suppliers and get a better idea of emissions output.
“Procurement can significantly impact ESG progress, but a better approach has been needed to easily identify opportunities to make a bigger impact and to accurately measure procurement’s contribution,” SpendHQ Chief Product Officer Pierre Laprée said Feb. 21.
In December, investment advisor and banking solutions provider Save launched its ESG Market Savings portfolio that aims to maximize ESG characteristics and exclude companies with certain practices.
“Consumers are increasingly turning to ethical choices in all aspects of life including investments,” Save founder and CEO Michael Nelskyla said Dec. 29. “We see it as our fiduciary responsibility to offer ethical investing through our Market Savings program for those consumers who seek these choices.”
As PYMNTS reported Jan. 2, ESG is one of the top trends shaping the Europe, Middle East and Africa (EMEA) banking sector in 2023, as more financial institutions embrace a more proactive stance on sustainable investing and enable consumers to spend more responsibly.
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