Cereal-mater Kellogg Company has announced that it has fully allocated the net proceeds from its inaugural sustainability bond, which was issued in May 2021.
The Pringles owner said that it was 'ahead of schedule' on its Better Days Promise, which seeks to address wellbeing, hunger, sustainability and inclusion for three billion people on the planet by the end of 2030.
It said that it was nearly halfway to its goal, having created 'Better Days' for more than 1.3 billion people by the end of 2021.
The group's sustainability bond totalled €300 million before offering expenses and underwriting discounts and commissions. It was issued in line with Kellogg's Sustainability Bond Framework, which 'facilitates the company's use of sustainable capital markets to finance or refinance eligible projects that align with its commitments', according to the company.
'Doing Good For Society'
"Our founder, W.K. Kellogg, believed that part of running a good business was doing good for society," commented Steve Cahillane, Kellogg's chairman and chief executive. "He was an early conservationist, a leading philanthropist and an original wellbeing visionary.
"With this legacy, we've inherited his commitment, and by purposefully integrating our ESG strategy – our Kellogg's Better Days Promise – into all aspects of our business, we drive meaningful social impact and business results."
Since 2015, together with its partners, the company has said that it has provided nourishment to some 800 million people, fed 219 million people facing hunger or crisis, and supported more than 445,000 farmers and workers.
The company was recently named to the Dow Jones Sustainability World and North American indices for the fifth year.
"At Kellogg, we envision a day where people are fed and fulfilled, where our planet thrives, and where there is a place at the table for everyone,"Cahillane added.
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