What you need to know
- Apple has sold 2 billion euros in EU green bonds.
- According to reports Apple plans to use the proceeds to further reduce its carbon footprint.
- It will also focus on greener materials and the conservation of resources.
A report from Bloomberg has revealed that Apple has sold 2 billion euros of "green bonds" in Europe, the proceeds of which it plans to use to further reduce its carbon footprint.
According to the report:
Apple Inc. joined Europe's booming market for green bonds with one of the largest-ever corporate issues of environmentally-friendly debt in the region.
The iPhone maker sold 2 billion euros ($2.2 billion) of six and 12-year bonds on Thursday, according to data compiled by Bloomberg. It will use proceeds to reduce its carbon footprint, use greener materials in its products and conserve resources.
The report notes that this is one of the largest offerings on record when it comes to Europe's corporate green bond market, which shows Apple is really serious about building on its previous environmental success. Apple's VP of environment, policy and social initiatives Lisa Jackson said:
"By issuing an additional $2.2 billion in green bonds, we will accelerate our work to lower carbon emissions across our supply chain and beyond, building on our successful transition to 100% renewable energy,"
By selling green bonds Apple has already raised $2.5 billion towards this cause. Apple is one of the leading corporate contenders when it comes to environmental investment and responsibility. Further afield in China, Apple launched its China Clean Energy Fund in 2018, into which it plans to invest $300 million by 2022. Earlier this year Apple invested in three new wind farms in China using the fund.
After achieving its goal to run Apple entirely on renewable energy, the company was also recognized by the UN, picking up its 2019 Global Climate Action Award.
Not only will the latest offload of bonds help further fuel Apple's renewable energy drive, it may also provide some lighter relief in the wake of reports that the EU continues to examine Apple Pay over possible anti-competitive practices. Yesterday, the EU antitrust chief Margrethe Vestager told reporters at a summit in Lisbon that she had received many expressions of concern on the matter.
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