VF Corp has fully allocated the proceeds from its first green bond issued last year. VF Corp is the first company in the apparel and footwear industry to have issued a green bond. The money raised from the offering was used to fund 13 projects within the company’s ‘Made for Change’ sustainability strategy. The investments enabled the company to avoid about 16,000 metric tons of CO2 emissions each year through the procurement of more sustainable materials. It also led to a reduction of more than 970 million liters of water used in production each year, and enabled the planting of two million trees. The proceeds will be used by the company to support projects in three key areas that align with the United Nations’ Sustainable Development Goals (SDGs) - increasing its sourcing of sustainable products and materials, reducing its carbon footprint, and investing in natural carbon sinks such as forests.
VF Corp owns brands like Timberland and North Face. To provide transparency for its green bond initiative, VF has published a Green Bond Impact Report which includes a breakdown of allocated proceeds and select metrics and achievements of related projects. VF’s inaugural green bond was significantly oversubscribed when it was issued in February 2020.