Leading home appliance manufacturer Whirlpool announced today that it has completed the issuance of its inaugural $300 million sustainability bond.
Proceeds of the offering will be used to finance projects that align with the company’s environmental and social sustainability commitments, including Whirlpool’s Science Based Targets initiative (SBTi)-approved goals to reduce absolute scope 1 and 2 GHG emissions 50%, and to reduce absolute scope 3 GHG emissions from use of sold products by 20% by 2030 from a 2016 base year.
The bond was issued under Whirlpool’s recently published Sustainability Bond Framework, outlining eligible projects for use of proceeds from sustainable issuances, as well as reporting requirements. The framework specifies five environmental categories and two social categories for projects that may be funded from the bond proceeds.
Included in the environmental categories are projects to advance the eco-efficiency of Whirlpool products, including R&D to design energy efficient products, and circular economy friendly products with higher levels of remanufactured parts and recycled content. Other environmental categories include investments in renewable energy, energy efficiency, green buildings, and pollution prevention and control.
Eligible social projects encompass those promoting socioeconomic advancement and empowerment, including programs to recruit more women, minorities and people with disabilities, as well as projects providing access to basic infrastructure, aimed to benefit communities and disadvantaged groups living below the poverty line or impacted by natural disasters.
Jim Peters, Chief Financial Officer of Whirlpool Corporation, said:
“Over the course of our 110-year history, Whirlpool Corporation has remained committed to designing and building products that exceed our consumers’ expectations while investing to care for our communities and the planet. We’re encouraged that there was such strong demand from investors and believe the issuance of the bond reflects on our core philosophy that sound corporate citizenship and environmental performance are good for business. We are proud to be a leader in our industry as we continue our constant pursuit of improving life at home.”