Commercial, Finance - February 28, 2020
VF Corporation issues 500 euro green bond
VF Corporation has closed on a €500 million green bond offering, the proceeds from which will support programs to advance their sustainability goals.
This is the first green bond issued within the apparel and footwear industry. Some of their sustainability goals, which will be addressed using this bond, include installing new renewable energy systems, creating zero waste distribution centers and investing in reforestation and regenerative agriculture projects.
“At VF, we believe that delivering on our commitments to environmental and social responsibility is equally important as meeting our financial commitments to shareholders,” Steve Rendle, VF’s Chairman, President and CEO, said in a statement. “The overwhelming interest in our green bond serves as an endorsement from the business community for our purpose-led agenda and focus on connecting business success with actions that improve lives and our planet.”
VF Corporation’s primary targets include reducing Scope 1 and 2 emissions 55% from 2017 to 2030 and reducing Scope 3 emissions 30% from 2017 to 2030. Additionally, they are working toward LEED certification at all of their offices and distribution centers.