20 March 2023
The US-based company announced that it has closed a second green bond offering of 500 million euros to support further key sustainability initiatives, writes World Footwear.
The first green bond, issued in 2020, was used to advance programmes within the company’s Sustainability & Responsibility strategy, thus contributing to the achievement of its science-based targets (SBTs). “Building on the success of our first green bond in 2020, this newest green bond offering is another example of our strong commitment to projects that support the betterment of people and the planet. Elevating our focus on, and investment in, circular and sustainability projects allows us to leverage our scale for good and achieve our ambitious SBTs”, commented Jeannie Renné-Malone, VF’s Vice President of Global Sustainability.
“The overwhelming interest in this offering serves as an endorsement from the investor community for our sustainability agenda”, added Renné-Malone. VF’s green bond framework defines funding eligibility criteria in three areas: sustainable products & materials; sustainable operations & supply chain (for example, renewable energy installations, and zero-waste distribution centres); and natural carbon sinks (including reforestation conservation projects, and investments in regenerative agriculture practices).
“This second green bond issuance is another important step in building stronger connections between our environmental stewardship initiatives and new sustainable financing opportunities. It’s also a testament to how much this synergy is part of our business culture and provides investors with additional metrics by which to measure our environmental commitments”, stated Matt Puckett, VF’s CFO.