VF’s inaugural green bond, the first for the apparel and footwear industry, was issued in February 2020 in accordance with the ICMA Green Bond Principles (GBP) 2018. VF’s Green Bond Framework was reviewed by Sustainalytics, a leading global provider of sustainability research and services that issued a Second-Party Opinion declaring that the framework is credible and impactful.
VF published its Green Bond Impact Report on February 18, 2021, demonstrating full allocation of the net proceeds which totaled approximately €493 million. The proceeds allocated to 13 eligible sustainability projects advance VF’s sustainability agenda outlined in VF’s 2018 Made for Change Sustainability & Responsibility Report, and deliver progress toward the achievement of VF’s sustainability goals including its ambitious Science-Based Targets.
The allocation of the green bond net proceeds was an important step in VF’s implementation of its Made for Change sustainability and responsibility strategy, which supports the company’s business objectives with actions that improve lives and protect the planet.
VF’s use of the green bond proceeds demonstrates its commitment to three key sustainability areas that are core to its business: sustainable products and materials; sustainable operations and supply chain; and, natural carbon sinks. In addition, the net proceeds support projects that align with key United Nations Sustainable Development Goals (SDGs): SDG 7 – Affordable and Clean Energy; SDG 9 – Industry Innovation and Infrastructure; SDG 12 – Responsible Consumption and Production; and SDG 15 – Life on Land.