Compass Group has issued two sustainable bonds in an effort to bolster its investment in eco-friendly initiatives.
The company says it is the first in the foodservice sector to do so.
Compass says it will use the proceeds of the bonds, one of which raised 500 million Euros and the other, 250 million pounds, on projects to enhance responsible sourcing from local and diverse suppliers and to sustain other projects that support decarbonization, according to a statement.
Additional projects may include waste reduction (food-related and otherwise), investment in healthy eating initiatives and other endeavors that support the company’s Net Zero commitment.
“We intend for the proceeds of the sustainable bonds to initially support the increased purchase and tracking of Fairtrade and sustainable goods within our supply chain, reducing our Scope 3 emissions footprint, while funding diverse and minority suppliers,” said Palmer Brown, group chief financial officer of Compass Group, in a statement.
In October of 2021, Compass announced a global commitment to reach Climate Net Zero by 2050, making it the first international company in the contract catering industry to do so, according to Compass. This includes a goal for its own operations to be carbon neutral worldwide by 2030.
“Our new Sustainable Bonds and Sustainable Financing Framework not only reflect our objective to be a socially and environmentally responsible organization for our clients, employees, suppliers, and wider society; they also support our long-term Climate Net Zero ambitions,” said Brown.