Amid the flood of impact and sustainability reports timed for release during Earth Month was a shower of updates about corporate-issued green and sustainabilty bonds that reflect how that money is being spent.
Apple, for example, disclosed it has so far "disbursed" $3.2 billion of the $4.7 billion amount it has raised in multiple bonds. What has that money helped support? The vast majority was allocated to clean energy projects, including a massive utility-scale battery in Monterey, California, that can store up to 240 megawatt-hours of electricity. The criteria about which projects will receive investment are reviewed annually by the company’s environment, policy and social initiatives team, and the decisions about where that money goes are ultimately made by that team’s lead, Lisa Jackson.
Meanwhile, Mars completed a $2.5 billion total issue with $500 million in sustainability notes that will contribute to financing renewable energy, energy efficiency, wastewater management, green buildings, natural ecosystem management, circular economy initiatives and carbon sequestration, among other things.
At another big green bond issuer, PepsiCo, the process of making decisions about where to allocate green bond proceeds has been increasingly integrated into the company’s broader investment decision-making framework over the past five years. But it doesn’t stop there. Climate risk factors and other environmental considerations and criteria have been embedded across the company’s financial governance policies, including potential mergers or acquisitions, said Anna Palazij, vice president of ESG reporting and strategic investment at PepsiCo.
Read the full article at: www.greenbiz.com
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