Apple Inc offers $1 billion bond dedicated to clean energy
14 June 2017
Apple Inc offered a $1 billion bond dedicated to finance clean energy and environmental projects yesterday, the first corporate green bond offered after President Donald Trump withdrew the US from the Paris climate agreement.
The offer comes more than a year after the company issued its first green bond of $1.5 billion, the largest issued by a US corporation, in response to the 2015 Paris agreement.
According to Apple, its second green bond was meant to show that businesses were still committed to the goals of the 194-nation accord.
"Leadership from the business community is essential to address the threat of climate change and protect our shared planet," said Lisa Jackson, Apple's vice president of environment, policy and social initiatives.
Apple chief executive, Tim Cook was among several CEOs who had directly appealed to Trump to keep the US in the pact before he made his decision.
The tech giant had said the proceeds from the green bond sales would be used to finance renewable energy, energy efficiency at Apple facilities and in its supply chain and for procuring safer materials for its products.
The offer further included a specific focus on helping Apple meet a goal of greening its supply chain and using only renewable resources or recycled material, reducing its need to mine rare earth materials.
"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 and the former head of the EPA, said in a statement.
"We're proud to offer investors another opportunity to join us in this important work," she was quoted as saying, Reuters reported.
In a letter that Apple, Microsoft and Facebook sent to Trump, opposing the Paris accord move by the US, the companies said:
"We believe the United States can best exercise global leadership and advance US interests by remaining a full partner in this vital global effort".