Apple Spends 15% of Debut Euro Green Bond in First Year Projects

(Bloomberg) -- Apple Inc. spent 15% of the 2 billion euros ($2.2 billion) of green bonds it raised in late 2019 within a year, mostly on renewable energy projects, according to its annual impact report released Wednesday.

The tech giant had allocated almost $330 million of the euro green bond proceeds by September 2020. Just over $310 million was funneled to renewable energy, with the rest going to low-carbon design and engineering, energy efficiency and so-called carbon mitigation and sequestration projects.

Spending included power purchase agreements with wind farms in the U.S. and the opening of a solar project in Denmark, according to the report.

The company sold its first euro-denominated green bond back in November 2019, part of that year’s near 30 billion euros of non-financial corporate green bond supply in the common currency, data compiled by Bloomberg show. That annual record was broken in 2020, while green bond supply is already running at its fastest-ever pace this year.

Apple previously issued two other dollar green bonds in 2016 and 2017, amounting to $2.5 billion. Both are fully allocated, it said in its report.

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