VF Corporation (NYSE: VFC), one of the world’s largest apparel, footwear, and accessories companies, today released their 2024 Green Bond Impact Report describing the fully allocated net proceeds from its second green bond issued in 2023, totaling approximately €496 million. The net proceeds supported positive environmental impacts, including avoided greenhouse gas emissions through recycled material procurement and the use of renewable energy to power VF facilities.
In line with the company’s 2020 Green Bond Framework, the funds were allocated to nine projects focused on three eligible green bond project categories:
- Sustainable Products & Materials to address United Nations’ Sustainable Development Goal (SDG) 12 (responsible consumption and production)
- Sustainable Operations & Supply Chain to address SDG 7 (affordable and clean energy), SDG 9 (industry, innovation, and infrastructure), and SDG 12 (responsible consumption and production)
- Natural Carbon Sinks to address SDG 15 (life on land)
“Elevating our focus on, and investment in, sustainable material substitutions, regenerative agriculture projects, and renewable energy investments allows us to leverage our commitment to sustainability and make progress toward our science-based targets,” shares Jeannie Renné-Malone, VF’s Vice President of Global Sustainability. “We hope investments such as this will inspire other brands and companies within our sector and beyond to make similar investments for the betterment of people and our planet.”
VF issued its inaugural green bond, the first for the apparel and footwear industry, in February 2020 to support the company’s commitment to sustainability, drive progress toward its climate targets, and support projects that align with key United Nations’ SDGs. The inaugural green bond enabled VF to allocate approximately €493 million in net proceeds to 13 eligible sustainability projects worldwide.
VF’s 2024 Green Bond Impact Report includes a complete breakdown of allocated proceeds and select metrics and achievements of related projects.
VF’s 2023 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, which issued a Second-Party Opinion declaring that the framework is credible and impactful.