Apple has offered a $1 billion “green” bond for the financing of clean energy projects, according to multiple press reports.
The proceeds from the offering are designated for use on new and ongoing solar and wind farms, new green buildings, and a program to make Apple products only from recycled or renewable materials.
- The new issue, handled by Goldman Sachs, BofA Merrill Lynch and JP Morgan, combined with a $1.5 billion issue last year, makes Apple the largest issuer of dollar denominated green bonds.
President Donald Trump’s exit from the Paris climate change accords has prompted several companies to strengthen their commitment to fighting climate change.
Tech companies such as Apple and Google may be viewed as leaders in embracing green energy, but nearly half of Fortune 500 companies have climate or renewable power goals, and a growing number of utilities are coming up with green tariffs to satisfy those companies’ demands for green power.
Apple used last year’s green bond offering to provide $442 million to 16 green projects, ranging from wind farms to a recycling program for used iPhones.
Apple said this year’s green bond demonstrates that businesses remain committed to the goals of the Paris climate accord.
“Leadership from the business community is essential to address the threat of climate change and protect our shared planet,” Lisa Jackson, Apple's vice president of environment, policy and social initiatives, told Reuters.