SEATTLE (Scrap Monster): Novelis, Inc. issued its first Green Bond Report, which highlights allocation of $140 million to boost recycling capacity.
According to the report, the company issued Euro 500 million Green Bond in March last year to fund projects that align with its environmental sustainability commitments. As of March this year, it has allocated $140 million of the net proceeds of this issuance.
These allocations were mainly used to inance new or existing projects to increase aluminum recycling capacity and reduce primary aluminum usage. The major works include improvements at recycling facilities in the U.S., Brazil, South Korea and Germany. Upon completion, the Green Bond projects are likely to deliver reduction of around 3 million tons per annum of carbon reduction.
Pierre Labat, Novelis Senior Vice President and Chief Strategy and Sustainability Officer noted that the company has invested more than $700 million to expand its aluminum recycling operations and increase the recycled content of its products to the highest level in the industry. The Green Bond aims to finance projects to advance a low-carbon circular economy and deliver on its purpose of Shaping a Sustainable World Together, he added.
Meantime, Novelis is a sponsor and presenter during GreenBiz's "Circularity 22" conference May 17-19, in Atlanta.
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