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Packaging And Design

Coca-Cola HBC Raises €500m For Sustainability Projects

Coca-Cola HBC Finance B.V. has raised €500 million in support of its sustainability projects by issuing its first green bond.

Net proceeds of the green bond will be allocated towards projects that meet the eligibility criteria outlined in the group’s Green Finance Framework, the company noted.

The investment will accelerate the progress of the company’s NetZeroby40 and Mission 2025 commitments, including circularity, energy efficiency, water stewardship, biodiversity and community programmes, innovation in sustainable packaging, and supporting sustainable agriculture and procurement.

Sustainable Beverage Company

Chief financial officer of Coca-Cola HBC, Ben Almanzar, commented, “This milestone demonstrates that sustainability is embedded in every aspect of our business, including our financing strategy.

"The issue of the green bond reinforces our position as Europe’s most sustainable beverage company. Most of all, it was made possible by the unmatched commitment of our teams to achieve net zero across our entire value chain by 2040."

The soft drinks bottler has pledged to achieve net-zero emissions across its entire value chain by 2040.

By 2030, the company aims to reduce its value chain emissions in scopes 1,2 and 3 by 25% via an existing, approved science-based target. It is targeting a further 50% reduction in the following decade.

In August, Coca-Cola HBC AG said it incurred a one-time hit of €190 million ($195.36 million) in the first half due to costs related to its Russian business after it stopped selling Coca-Cola drinks in the country following the Ukraine war.

© 2022 European Supermarket Magazine – your source for the latest packaging news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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