Proceeds from the bonds will go toward projects that support decarbonization / Photo courtesy of Shutterstock
Compass Group has issued two sustainable bonds in an effort to strengthen its investments in environmental initiatives.
The company says it is the first in the foodservice sector to do so.
Compass says it will use the proceeds from the bonds, one of which raised €500m and the other £250m, on projects to improve responsible sourcing from local and diverse suppliers and to sustain other projects that support decarbonisation, it said in a statement.
Additional projects may include waste reduction (food-related and otherwise), investments in healthy eating initiatives, and other efforts that support the company’s Net Zero commitment.
“We intend to use the proceeds from the Sustainable Bonds to initially support increased purchasing and monitoring of Fairtrade and sustainable goods within our supply chain, reducing our Scope 3 emissions footprint, while funding diverse and minority suppliers,” said Palmer Brown, group chief financial officer of Compass Group, in statement.
In October 2021, Compass announced a global commitment to reach Climate Net Zero by 2050, becoming the first international company in the contract hospitality industry to do so, according to Compass. This includes the goal of making our own operations carbon neutral worldwide by 2030.
“Our new sustainable bonds and sustainable financing framework not only reflect our aim to be a socially and environmentally responsible organization for our customers, employees, suppliers and wider society; they also support our long-term Climate Net Zero ambitions,” said Brown.
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