Comcast Invests $1B in Clean Energy via Green Bond
Comcast has announced the release of a $1 billion green bond with a 10-year term. This gives investors a chance to help the company's environmental efforts, including those already underway or being evaluated as part of its plan to be carbon neutral by 2035.
The funds generated from the green bond may be directed towards five investment categories that play a role in Comcast's mission to decrease its carbon footprint. These include renewable energy, energy efficiency, environmentally friendly buildings and communities, clean transportation, sustainable products, production technologies, and processes.
Comcast has established a Green Financing Framework, which provides information about eligible green investments in these areas and outlines the procedures for choosing projects and monitoring progress.
"We’re excited to have offered investors the opportunity to join us as we scale clean energy technologies and other decarbonisation strategies across our business,” said Sara Cronenwett, Senior Vice President of Corporate Strategy and Environmental Sustainability at Comcast.
Towards its goal of carbon neutrality by 2035, Comcast has taken several environmental initiatives, including:
A reduction of 31% in Scope 1 and 2 emissions since 2019.
A more than doubling of the use of renewable electricity from 2020 to 2021.
A decrease of nearly 30% in energy per consumed terabyte for Comcast Cable from 2019 to 2021.
The implementation of pilot electric and hybrid vehicles in select locations, including the introduction of the first four electric trams in the Universal Studios Hollywood fleet.
An increase in the number of green buildings it owns or occupies, such as the LEED Platinum Comcast Technology Center.
Comcast collaborated with S&P Global Ratings to receive an independent assessment of its Green Financing Framework. The conclusion was that the framework is consistent with the ICMA Green Bond Principles (2021) and the LMA/LSTA/APLMA Green Loan Principles (2021).
Comcast's Chief Financial Officer and Treasurer, Jason Armstrong, said, "We're happy that our first green bond offering was mostly led and underwritten by four nationally known minority-, women-, and service-disabled veteran-owned investment banking firms with whom Comcast has a long history of working closely."
“The strong response from investors to Comcast’s inaugural green bond offering highlights the market’s positive view of the company and appetite for this type of security structure,” said Andrew Karp, head of Global Sustainable Banking Solutions Group at BofA Securities, Inc.
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