Mars creates $500 million sustainability bonds to drive global environmental improvement schemes
US-headquartered Mars has confirmed creation of its $500 million sustainability bonds scheme, which has been designed to help the business deliver significant environmental improvements across its global operations, reports Neill Barston.
The move comes in the wake of its commitment to achieve net zero greenhouse gas levels across its entire business by 2050, with the company having reported that since 2015, it has cut a total of 7.3% of emissions, which it said it is continuing to build upon.
As the business explained, its offering of $500 million sustainability notes will help enable the delivery of its broader environmental ambitions, which include enhancing the performance of its manufacturing capabilities, with the company owning considerable production assets producing confectionery lines around the world.
The company has created a list of eligible projects across key areas of our sustainability strategy, including: renewable energy; energy efficiency; sustainable water and wastewater management; pollution prevention and control; green buildings; environmentally sustainable management of living natural resources and land use; carbon sequestration; circular economy, adapted products, production technologies and processes; socioeconomic advancement and empowerment; and access to essential financial services.
Claus Aagaard, Chief Financial Officer at Mars, Incorporated commented, “The situation facing our planet is urgent. That means that now more than ever, businesses must stand for more than just maximizing profit and take real action to avoid the worst impacts of climate change, and to protect the future for coming generations. Finance is at the heart of this pursuit: we cannot uncouple sustainability from financial performance, rather the two are mutually reinforcing. We are proud to have today completed this bond offering, which will help us to meet our science-based targets set as part of our Sustainable in a Generation Plan and help finance other projects that contribute to a more sustainable future.”