Apple has announced it is to issue a new $2.2bn green bond which will focus on funding global initiatives to lower the company’s carbon emissions even further.
This will almost double the company’s green bond offering, making it the largest US corporate issue of green bonds with $4.7bn.
Green bonds, which enable issuers to raise money specifically for environmentally friendly projects, are seeing plenty of success. The global green bonds market is on track for record growth this year, with the sector tipped to reach around $250bn in 2019.
The latest move hopes to develop Apple’s efforts in cutting emissions across its operations and the lifecycle of its products, where it has already slashed its carbon footprint by 35 per cent over the past three years.
The six and 12-year bonds were recently sold for $2.2bn, according to data compiled by Bloomberg, and proceeds will go towards reducing Apple’s carbon footprint, using greener materials in its products and conserving resources where possible.
Lisa Jackson, vice president of environment, policy, and social initiatives at Apple, said: "The time for action is now. By issuing an additional $2.2bn in green bonds, we will accelerate our work to lower carbon emissions across our supply chain and beyond, building on our successful transition to 100 percent renewable energy.
"Apple's progress is proof positive that businesses don't have to choose between what's right for the planet and a healthy bottom line.”
Apple issued its first $1.5bn bond in February 2016, which was then followed by a further $1bn issuance the following year.
Both completed issuances have jointly funded 40 environmental initiatives globally, including renewables projects onsite, work to create a custom alloy made of 100 percent recycled aluminium now used in the newest MacBook Air and Mac mini, and the development of 'Daisy', the iPhone disassembly robot.