STORA ENSO - ENVIRONMENTAL CONVERSION

The project is to finance an investment in a full conversion of an existing old integrated pulp and paper mill from wood-free coated paper (for the printing sector) into a board-packaging mill, mainly for the food and beverage sector.

The project supports Oulu mill's full conversion from the production of pulp and paper for the declining printing sector to the production of pulp and kraftliner boards for renewable packaging, and is consistent with the overall Promoter's strategic shift towards sustainable and renewable packaging solutions. The modernisation of the pulp mill will lead to reducing the overall environmental footprint of its pulp output through the installation of highly efficient process technology (in line with Best Available Techniques (BAT)).

The project is aligned with the EU Green Deal, climate action objectives, the EU Bioeconomy and Plastics strategies, and the EU Circular Economy Package. The investment will deliver effective and sustainable solutions for combatting global problems such as plastic waste by substituting fossil-based materials (e.g. plastics) with renewable, recyclable and compostable materials in packaging and consumer goods manufacturing. The project falls under the scope of Annex I of the EIA Directive 2014/52/EU (amending 2011/92/EU Directive), as well as of the Industrial Emissions Directive IED 2010/75/EU. The project implementation will follow the Best Available Techniques (BAT) for the pulp and paper sector.

Although the Promoter is a private company not operating in the utilities sector, and is thus not covered by EU directives on procurement, the Bank will require that the Promoter ensure that any procurement procedures are done in accordance with the relevant applicable EU procurement rules.

Sector SECTION C : MANUFACTURING // Industry Environmental aspects