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Aluminum April 24, 2023 09:00:04 PM

Novelis Green Bond Report Focused on Sustainability Investments

Paul Ploumis
ScrapMonster Author
Novelis has embarked on construction of the $365 million Automotive Recycling Center in Guthrie, Kentucky.

Novelis Green Bond Report Focused on Sustainability Investments

SEATTLE (Scrap Monster): Novelis, Inc. released its second Green Bond report, highlighting the company’s sustainability-focused investments as part of its commitment to meet previously announced sustainability goals. The report focuses on the various innovative and sustainable solutions and their contributions to reducing carbon emissions.

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In March 2021, the company had announced successful completion of issuance of a 500 million EURO Green Bond to finance projects, aimed at helping it meet the stated goal of 30% carbon footprint reduction by 2026 and becoming carbon neutral on or before 2050. As at the end of March this year, the company has allocated $280 million of the net proceeds of this issuance towards various projects.

Novelis has embarked on construction of the $365 million Automotive Recycling Center in Guthrie, Kentucky. Also, the new recycling plant in Bay Minette, Alabama, which is under construction, is expected to boost the UBC recycling to 15 billion per year. Furthermore, the $1.2 million investment to install nearly 1,000 photovoltaic solar panels across 14 UBC collection centers in Brazil will reduce carbon emissions by 230 tons per year in addition to generating clean energy.

The investments will help Novelis to increase the recycled content of its products, said Steve Fisher, President & Chief Executive Officer.

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