Google parent company Alphabet published its 2022 Sustainable Bond Impact Report, indicating that the company has completed the allocation of the proceeds of its 2020 $5.7 billion sustainability bond, and outlining the details of the deployments. Key investment areas from the bond proceeds included green buildings and renewable energy.

Alphabet’s August 2020 issuance was the largest ever by a corporate issuer.

According to the company’s Sustainability Bond Framework, eligible uses of proceeds from the offering included eight ‘green’ and ‘social’ categories, ranging from energy efficiency and clean energy to affordable housing and COVID-19 response.

The new report outlines approximately $5.3 billion of environmental investments, with the remainder allocated to social categories.

The top category for investment was Green Buildings, with Alphabet nearly $2.5 billion in expenditures related to design, construction and improvements of 14 green buildings, totaling 807,000 square meters.

Close behind Green Buildings was Clean Energy, with the company allocating $1.75 billion to expenditures and contractual commitments to purchase electricity from renewable sources, including a total of 45 power purchase agreements (PPAS) across three continents with a combined capacity of about 5.3 GW.

Alphabet estimated that its renewable energy PPAs will avoid nearly 25 million metric tons of CO2 equivalent emissions, supporting its commitment to run its business on 100% carbon-free energy by 2030.

The company allocated $1 billion to Energy Efficiency through capital expenditures related to the expansion and improvement of energy-efficient facilities and infrastructure at four data centers across 3 continents. $22 million and $8 million were also allocated to the Clean Transportation and Circular Economy and Design categories, respectively.

On the social front, Alphabet allocated $185 million in contractual commitments that finance loans to small businesses, which the company estimates will result in 49,950 loans closed to small and medium-sized enterprises. $148 million was allocated across 15 racial equity initiatives, including contributions to organizations supporting Black business owners and support for Black creators and artists and $83 million in contractual commitments to a total of 21 affordable housing projects.

In its report, the company said:

“Our Sustainability Bond helps us operate our business in an environmentally and socially responsible way. Our ultimate goal is to enable everyone— businesses, investors, policymakers, and individuals—to create and live in a more sustainable world. We continue to lead and encourage others to join us in improving the health of our communities and our planet.”

Click here to read Alphabet’s 2022 Sustainability Bond Impact Report.