ATLANTA, May 11, 2022
/PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today
released a report on projects funded by the $500 million in green bonds issued by the company
in 2021. The report provides a comprehensive overview of the funded
projects, as well as expected environmental and social
benefits.
"Sustainability is in our company's DNA," said Mark George, Executive Vice President and
Chief Financial Officer for Norfolk Southern. "Our industry-first
green bond offering funds projects that align our efforts to reduce
carbon emissions and advance sustainable business practices, all
while delivering long-term value for our customers, communities,
and shareholders."
Norfolk Southern is a leader in delivering the low-carbon
economy and was the first Class I railroad in North America to issue green bonds. The
company allocated $496 million
in net proceeds from its green bonds to fund eligible projects, as
defined under Norfolk Southern's Green Financing
Framework. Projects include:
- $275.6 million to fund DC to AC
locomotive power conversions: Modernizing an existing locomotive
avoids approximately 200 tons of total carbon emissions versus
producing a new AC locomotive. This also improves fuel efficiency
up to 25%.
- $99.5 million in Intermodal
facility improvements: Will further support efforts to shift
millions of tons of freight onto the railroad to decongest our
nation's highways.
- $10.9 million to further
locomotive fuel management initiatives: This directly supports
Norfolk Southern's science-based target to reduce carbon emissions
intensity 42% by 2034.
- $3.4 million to build upon the
company's nature-based solutions that restore and protect vital
stream and wetland ecosystems.
"Norfolk Southern intends to build on its industry-leading
position in delivering the low-carbon economy while helping
customers reduce their supply chain emissions," said Josh Raglin, Chief Sustainability Officer for
Norfolk Southern. "From improved fuel efficiency of our locomotive
fleet to ecological projects that restore natural landscapes, we
believe these funds are driving a sustainable future and long-term
value for all our stakeholders."
To learn more about Norfolk Southern's ongoing efforts to build
a better planet and to access the full Green Bond Use of Proceeds
Report, visit www.nscorp.com/sustainability.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the
nation's premier transportation companies, moving the goods and
materials that drive the U.S. economy. Norfolk Southern connects
customers to markets and communities to economic opportunity, with
safe, reliable, and sustainable shipping solutions. The
company's service area includes 22 states and the District of Columbia, every major container
port in the eastern United States,
and a majority of the U.S. population and manufacturing base.
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SOURCE Norfolk Southern Corporation