VF Corp allocates 493 million euros to sustainability initiatives
VF Corporation, the Denver, Colorado-based owner of brands including Vans, The North Face and Timberland, has announced that it has allocated all of the net proceeds from its inaugural green bond, issued last year, to 13 of its sustainability projects.
According to the company, its green bond proceeds totaled 493 million euros (approximately $596 million) and were used to fund projects that drive meaningful positive environmental impacts.
Initiatives supported by the bond have included the planting of 2 million trees, a reduction of 16,000 metric tonnes of carbon dioxide through the procurement of sustainable materials, and the saving of more than 970 million liters of water via conservation efforts.
Part of the company’s wider “Made for Change” sustainability and responsibility strategy, VF’s inaugural green bond – the first in the apparel and footwear industry – was issued in February 2020.
“We take great pride in being the first company in the apparel and footwear industry to issue a green bond,” said VF EVP and CFO Scott Roe in a release. “We believe that business success and environmental stewardship are closely linked together, demonstrated by the success of this effort which has enabled us to advance progress toward achieving our science-based targets while also strengthening our business for the long term.”
The bond, which was issued in accordance with the ICMA Green Bond Principles 2018, is aligned with VF’s three key sustainability targets: sustainable products and materials; sustainable operations and supply chain; and natural carbon sinks.
The company’s Green Bond Framework was reviewed by Sustainalytics, a leading global provider of sustainability research and services, which determined that the framework is “credible and impactful.”
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