Nokia has taken a significant step forward in its sustainability journey by securing a €1.5 billion five-year multi-currency revolving credit facility (RCF) that ties the cost of borrowing to the company's environmental performance. This innovative financial instrument underscores Nokia's commitment to reducing its carbon footprint, with the margin of the RCF adjusting based on the company's progress toward cutting greenhouse gas (GHG) emissions across its operations and value chain.

The new RCF, which replaces a previous €1.412 billion facility from 2019, includes two one-year extension options and links the pricing mechanism to two key sustainability targets: the reduction of absolute Scope 1 and 2 GHG emissions, and the reduction of absolute Scope 3 GHG emissions. These targets will be assessed annually, with any adjustments to the RCF margin impacting the following year, thereby incentivizing Nokia to meet its environmental objectives.

Marco Wirén, Nokia's Chief Financial Officer, expressed enthusiasm for the strong backing from banking partners in this refinancing transaction, highlighting the alignment of Nokia's financing strategy with its sustainability priorities. Subho Mukherjee, Vice President of Sustainability at Nokia, further emphasized the company's dedication to its climate transition plan, which aims to foster efficiency and innovation throughout its value chain.

Nokia's ambitious net-zero target by 2040, validated by the Science Based Targets initiative (SBTi), is a testament to the company's long-term commitment to environmental stewardship. The detailed operational approach to reducing GHG emissions, as outlined in Nokia's Net-Zero climate transition plan, reflects a comprehensive strategy to decarbonize its operations and supply chain. This latest financial move not only reinforces Nokia's sustainability agenda but also sets a precedent for how corporations can integrate environmental goals into their financial strategies.

Saxon, the iconic British heavy metal band, has announced the cancellation of ten summer shows across Europe as their frontman, Biff Byford, is set to undergo emergency surgery. The band's management emphasized that the health and well-being of the band members are of utmost importance, leading to this difficult decision. The affected dates span from July 12 at the Area 53 Festival in Austria to August 16 at the Summer Breeze Festival in Germany.

The band expressed their disappointment at not being able to perform for their fans during this period but remains hopeful for a swift recovery. Saxon is looking forward to resuming their tour in time for the Trutnoff Open Air Festival in the Czech Republic on August 23 and the Neuborn Open Air on August 29. Additionally, the band has plans for tours in Spain, France, and the UK later in the year, which are expected to proceed as scheduled.

Fans holding tickets for the cancelled shows, including the Swedish club shows on July 24, 26, and 27, are advised to seek refunds from their point of purchase. Saxon is working closely with promoters to reschedule the other affected dates and has apologized for any inconvenience caused to their loyal fanbase.

Despite the cancellations, Saxon's performance at the Rockharz Festival in Ballenstedt, Germany, on July 2 will go ahead as planned. The band and their management have asked for patience and understanding from fans during this challenging time, as they prioritize Biff Byford's health and recovery.