Atlanta’s rolled aluminium firm Novelis Inc. released its first Green Bond Report this week, detailing the progress of its €500 million (US$588 million) Green Bond issued in March of last year.
Per the firm, it has allocated US$140 million of the net proceeds of the Green Bond to projects aimed at its environmental sustainability priorities. Among other projects, Novelis has used the proceeds to improve its recycling facilities in the United States, Brazil, the Republic of Korea, and Germany.
Pierre Labat, Novelis Senior Vice President and Chief Strategy and Sustainability Officer, said in a press release that the Green Bond dovetails with the firm’s sustainability priorities.
“Over the past 10 years, Novelis has invested more than $700 million to expand our aluminum 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.”
Suzanne Lindsay-Walker, Vice President, Sustainability, said the Green Bond gives the firm an opportunity to work towards further sustainability.
“Novelis’ discussion will elevate our robust and expanding sustainability story and give us the opportunity to highlight long-term, innovative thinking required to design for the end-of-life phase. We are looking forward to an engaging conversation and shared learning about what is required to build the ecosystem for a circular economy.”
Novelis will be presenting its sustainability efforts at GreenBiz’s “Circularity 22” conference May 17-19 in Atlanta.
Novelis is a subsidiary of Mumbai’s Hindalco Industries Ltd. Based in Atlanta, the firm accounts for almost half of Hindalco’s consolidated revenue. The world’s largest recycler of aluminium, Novelis conducts operations in ten different countries, employs around eleven thousand people, and reported US$11.2 billion in net sales for the most recent fiscal year.