Commercial, Energy Efficiency, Finance - April 1, 2020
Pfizer issues first-ever $1.25 billion green bond
Pfizer Inc. announced March 27 the competition of a $1.25 billion ten-year green bond, a first for the company and for a biopharmaceutical company.
The bond is meant to fund projects that contribute to mitigating Pfizer’s environmental impact and support broader access to their medicines and vaccines. The company will pay interest on the sustainability bond semi-annually at 2.625%, maturing April 1, 2030.
“Investing in programs that enhance our environmental stewardship and favorably impact the health of society is a goal Pfizer colleagues feel passionately about,” Sally Susman, Pfizer Executive Vice President and Chief Corporate Affairs Officer, said in a statement. “As we work to achieve our purpose-- ‘breakthroughs that change patients’ lives’ -- how we go about our work is just as important as the medicines and vaccines we work to deliver to those who depend on us.”
The sustainability initiatives that the company will focus on with the proceeds of the bond include increasing energy efficiency, conserving water and constructing “green” buildings. One planned investment, in particular, would allow for energy savings at their manufacturing and R&D sites and global commercial offices through the application of sensors and insulation technology to improve efficiency and prevent energy loss.
Pfizer plans to issue an annual report on the allocation of the bond’s proceeds and the resulting outcomes starting next year.