Global digital payment technology company Visa has expanded its commitment to sustainability by issuing a $500 million green bond.
The green bond is the first issued by a digital payments network, according to a statement.
Visa will use the green bond to advance its commitment to environmental sustainability and a sustainable payments ecosystem.
The green bond will fund projects including upgrades to buildings, energy efficiency improvements, expanded usage of renewable energy sources, water efficiency projects, employee commuter programmes, and research and initiatives focused on sustainable consumer behaviors.
The news follows Visa achieving its 2020 renewable energy goal. (Read the story here).
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Visa will support investments in projects to inspire and foster sustainable living in support of the United Nations Sustainable Development Goals.
The company began its transition to 100% renewable electricity across its operations at the start of 2020.
The company has also appointed its first chief sustainability officer, Douglas Sabo.
Al Kelly, chairman and chief executive officer of Visa Inc, said: “Our green bond offering will help us accelerate the transformation of our infrastructure and operations to reach our environmental goals. This commitment extends to appointing Visa’s first chief sustainability officer, tasked with ensuring we continue to take bold and industry-leading actions on the environment.”
The company’s sustainability officer, adds: “As the world continues to address the urgency of climate change and other environmental challenges, we are embracing our opportunity to play a leading role in building a more sustainable world.
“Through our green bond offering and together with our initiatives driving inclusive economic growth, we are working to ensure people and planet both can thrive together.”