SKF issues its second Green Bond; raises EUR 400 million to finance green investments
SKF has issued its second Green Bond, which will raise EUR 400 million to fund eligible green projects in accordance with the Group’s Green Finance Framework. The Bond further connects SKF’s business strategy and funding approach to the Group’s sustainability commitment and climate targets.
The proceeds from the Green Bond will finance continued investments in SKF’s intelligent and clean strategy, where potential projects totaling a significant amount of the Bond’s value already have been identified. These potential projects include capital investments and product development for cleantech as well as reduced energy consumption and waste both for our customers and SKF’s own operations, as part of the Group’s ambitions to reach net zero greenhouse gas emissions in own operations (scope 1 and 2) by 2030 and in the supply chain (scope 3 upstream) by 2050.
SKF’s Green Bond received significant demand from investors, and it was oversubscribed more than six times. SKF has been driving sustainability initiatives for more than 20 years, of which the Green Bond is yet another example. In 2019, SKF was one of the first Capital Goods companies ever to issue a Green Bond.
Niclas Rosenlew, Senior Vice President and CFO, says: “It’s great to see the continued strong interest and support for SKF and our ambitions to support sustainable industries and operate our business in a responsible, sustainable manner. We are committed to reduce friction, energy consumption and waste, this being a core part of our business. Issuing our second Green Bond further emphasizes the integration of sustainability into our strategic framework and day to day running of the business.”
SKF has, as previously communicated, successfully allocated the EUR 300 million raised in the first Green Bond with 90 eligible projects.
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