Google Updates Proceeds of Sustainability Bond - Smart Energy Decisions

Commercial, GHG Emissions, Solar, Wind  -  August 18, 2022

Google Updates Projects From Sustainability Bond

Google completed funding new and ongoing projects that are environmentally or socially responsible from the issuance of  $5.75 billion in sustainability bonds.

The tech company has fully allocated the net proceeds from the bond that was issued in August 2020 for energy efficiency, clean energy, green buildings and clean transportation projects, according to its 2022 report.

In 2021, Google allocated the proceeds to seven new building projects, including King’s Cross in London and Arnulfpost in Munich, as well as other projects that had previously received an allocation. This brings the cumulative total allocation to $2.47 billion in capital expenditures related to the design, construction, and improvement of 14 green buildings. 

To mitigate carbon emissions and take cars off the road, Google increased the number of EVs in the company’s owned and -operated commuter program fleet and added 4,000 EV charging ports in the U.S. and Canada. The company’s  cumulative total allocation was $22 million.

Google also allocated funds for two additional data center campuses in Quilicura, Chile, and Changhua County, Taiwan, as well as to its data center campuses in St. Ghislain, Belgium, and Hamina, Finland, which brought the cumulative total allocation to $1.02 billion in capital expenditures related to the expansion and improvement of energy-efficient facilities and infrastructure at four data centers across three continents. 

In 2021, the proceeds of the bond also funded three additional renewable energy PPAs, including an agreement in Europe with ENGIE, a large European utility, to help ensure its operations in Germany will run on nearly 80% carbon-free energy on an hourly basis. The cumulative total allocation was $1.75 billion to purchase electricity from renewable energy sources, including 45 PPAs across three continents with a combined capacity of approximately 5.3 gigawatts. 

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