Novelis issues second Green Bond report
Novelis Inc. has issued its second Green Bond report, which highlights the company’s sustainability-focused investments funded by a Green Bond.
In the report, Novelis shares news of its investments and how they enhance the company’s ability to deliver innovative, sustainable solutions and meet its goals for reductions in carbon emissions.
In March 2021, Novelis successfully completed an issuance of a €500 million Green Bond to finance projects that will help the company meet its stated goals of reducing its carbon footprint by 30% by 2026 and being carbon neutral by 2050 or sooner.
As of 31 March 2023, Novelis has allocated $280 million of the net proceeds of this issuance to finance new or existing projects to increase aluminium recycling capacity and reduce primary aluminium use, with efforts focused on countries including the US, Brazil, South Korea, the United Kingdom and Germany.
In total, the Green Bond investments are expected to reduce carbon emissions by more than three million tons annually once they are all fully up and running.
“These projects demonstrate that Novelis is successfully carrying out its purpose of ‘Shaping a Sustainable World Together’ by funding investments that significantly lower the carbon emissions of our manufacturing operations and enable us to continue to increase the recycled content of our products, which are already at industry-leading levels,” said Steve Fisher, President & Chief Executive Officer, Novelis Inc.
“Innovation is the driving force behind change as Novelis and our customers work together to create a more circular economy for aluminium.”
The following highlights some of the featured projects listed in the Novelis Green Bond Report:
- New and expanded recycling centers that will provide low-carbon aluminium:
- Construction of the $365 million Automotive Recycling Centre in Guthrie, Kentucky
- Novelis is constructing a new recycling plant in Bay Minette, Alabama. This highly advanced facility is expected to increase the number of used beverage cans (UBCs) the company recycles per year by 15 billion
- The investment of $1.2 million to install nearly 1,000 photovoltaic solar panels across 14 UBC collection centres in Brazil. The panels are expected to reduce carbon emissions by 230 tons per year and can generate 600 MWh per year of clean energy, which will make collection centres self-sufficient for energy
The projects highlighted in the Novelis Green Bond Report demonstrate the company’s commitment to driving innovation, creating a circular economy for aluminium and building a more sustainable future.