Visa has burnished its environmental credentials, pricing its first green bond offering, totaling $500 million, and appointing Douglas Sabo as its first chief sustainability officer.
The bond offering pays a semi-annual coupon of 0.75% and matures on 15 August, 2027. The proceeds will be used to fund projects including upgrades to buildings, energy efficiency improvements, expanded usage of renewable energy sources, water efficiency projects, employee commuter programmes, and research and initiatives focused on sustainable consumer behaviours.
In addition, the proceeds will support investments in projects to "inspire and foster sustainable living" in support of the UN Sustainable Development Goals.
Sabo, a 12-year Visa veteran, says: "Through our green bond offering and together with our initiatives driving inclusive economic growth, we are working to ensure people and planet both can thrive together.”