Atlanta’s rolled aluminium firm Novelis Inc. issued its second Green Bond report this week. The Green Bond report outlines the company’s sustainability-focused investments that are being funded by a Green Bond the firm issued two years ago last month.
The report highlights Novelis’s ability to deliver sustainable solutions in addition to describing its plans to achieve its goals for carbon reduction. Of the US$500 million in financing obtained from the Green Bond, US$280 million has already been allocated to projects to increase aluminum recycling capacity and reduce primary aluminum use. The lion’s share of funding has gone to projects in the United States, Brazil, the Republic of Korea, the United Kingdom, and Germany to date.
Steve Fisher, President & Chief Executive Officer, Novelis Inc., said in a press release that the Green Bond will propel Novelis even farther along the road to low-carbon aluminium production.
“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. Innovation is the driving force behind change as Novelis and our customers work together to create a more circular economy for aluminum.”
Ultimately, Novelis expects the funds from its Green Bond to help it reduce its carbon footprint by 30 percent by 2026 and becoming carbon neutral by 2050.
Novelis is a subsidiary of Mumbai’s Hindalco Industries Ltd. Based in Atlanta, the firm accounts for almost half of Hindalco’s consolidated revenue. The world’s largest recycler of aluminium, Novelis conducts operations in ten different countries, employs around eleven thousand people, and reported US$17.1 billion in net sales for the most recent fiscal year.