VF Corporation Allocates Green Bond Net Proceeds to Advance Ambitious Science Based Targets
February 18 2021 - 6:55AM
Business Wire
VF Corporation (NYSE: VFC), one of the world’s largest apparel,
footwear and accessories companies, today announced it has fully
allocated the net proceeds from its inaugural green bond issued
last year, which totaled approximately €493 million.
The proceeds allocated to 13 of VF’s eligible sustainability
projects worldwide helped to deliver meaningful positive
environmental impacts, including 2 million trees planted,
approximately 16,000 metric tonnes of CO2e avoided annually through
procurement of sustainable materials, and more than 970 million
liters of water saved annually through conservation
initiatives.
“We take great pride in being the first company in the apparel
and footwear industry to issue a green bond,” said Scott Roe,
Executive Vice President and Chief Financial Officer for VF. “We
believe that business success and environmental stewardship are
closely linked together, demonstrated by the success of this effort
which has enabled us to advance progress toward achieving our
science-based targets while also strengthening our business for the
long term. We hope our success will inspire others in our industry
and beyond to pursue similar initiatives.”
VF issued its inaugural green bond, the first for the apparel
and footwear industry, in February 2020. The allocation of the
green bond net proceeds was an important step in VF’s
implementation of its Made for Change sustainability and
responsibility strategy, which supports the company’s business
objectives with actions that improve lives and protect the
planet.
VF’s use of the green bond proceeds demonstrates its commitment
to three key sustainability areas that are core to its business:
sustainable products and materials; sustainable operations and
supply chain; and, natural carbon sinks. In addition, the net
proceeds support projects that align with key United Nations
Sustainable Development Goals (SDGs): SDG 7 – Affordable and Clean
Energy; SDG 9 – Industry Innovation and Infrastructure; SDG 12 –
Responsible Consumption and Production; and, SDG 15 – Life on
Land.
To provide transparency for its green bond initiative, VF has
published a Green Bond Impact Report, which includes a complete
breakdown of allocated proceeds and select metrics and achievements
of related projects.
VF’s green bond was issued in accordance with the ICMA Green
Bond Principles (GBP) 2018. VF’s Green Bond Framework was reviewed
by Sustainalytics, a leading global provider of sustainability
research and services that issued a Second-Party Opinion declaring
that the framework is credible and impactful.
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210218005384/en/
Molly Cuffe Director, Corporate Responsibility Communications
Molly_Cuffe@vfc.com
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