The Atlanta, Georgia headquartered American industrial aluminium company Novelis Inc. on 16th May 2022 released its first Green Bond report.
Novelis Inc., the leading sustainable aluminium solutions provider and world leader in rolled aluminium products issued a 500 million EUR (approximately $588 million) Green Bond in March 2021 to fund projects aligning with its environmental sustainability priorities.
As of 31st March 2022, Novelis has allocated $140 million of the net proceeds of this issuance to finance new or existing projects to increase aluminium recycling capacity and reduce primary aluminium usage, including improvements at recycling facilities in the U.S., Brazil, South Korea and Germany. When accomplished, the Green Bond projects anticipated restraining carbon emissions by more than three million tonnes annually.
Pierre Labat, the Senior Vice President and Chief Strategy and Sustainability Officer at Novelis said, “Over the past 10 years, Novelis has invested more than $700 million to expand our aluminium recycling operations and increase the recycled content of our products to the highest level in the industry.”
“Our Green Bond builds on that commitment by financing projects to advance a low-carbon circular economy and deliver on our purpose of Shaping a Sustainable World Together."
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