Visa Announces ESG Firsts: Creates Chief Sustainability Officer Role, Issues Inaugural Green Bond
Visa announced today that it has appointed Douglas Sabo to the newly created role of Chief Sustainability Officer. The company also announced the launch of its first green bond, with the pricing of a $500 million bond, with a semi-annual coupon of 0.75% and maturing August 15, 2027.
According to Visa, the green bond offering will be the first issued by a digital payments network. The company stated that the proceeds from the offering will be used to fund projects including upgrades to buildings, energy efficiency improvements, expanded usage of renewable energy sources, water efficiency projects, employee commuter programs, and research and initiatives focused on sustainable consumer behaviors. The company also said that the offering will support investments in projects to inspire and foster sustainable living in support of the United Nations Sustainable Development Goals.
ESG research provider Sustainalytics provided the second party opinion on the environmental benefits of Visa’s Green Bond Framework as well as its alignment with the Green Bond Principles.
Al Kelly, Chairman and Chief Executive Officer of Visa, said:
“At Visa, we see a responsibility and an opportunity to use the power of our network to drive broad shifts toward a sustainable future. Our green bond offering will help us accelerate the transformation of our infrastructure and operations to reach our environmental goals. This commitment extends to appointing Visa’s first chief sustainability officer, tasked with ensuring we continue to take bold and industry-leading actions on the environment.”
Douglas Sabo, Visa’s new Chief Sustainability Officer has spent most of his career in sustainability and corporate responsibility-themed roles. He has been with Visa for over 12 years, most recently in the position of VP, Head of Global Corporate Responsibility & Sustainability, responsible for overseeing global corporate responsibility, sustainability and ESG partnerships, programs, formal reporting and communications at the company. Prior to joining Visa, he served as Director, Worldwide Corporate Responsibility at McAfee.
Sabo said:
“As the world continues to address the urgency of climate change and other environmental challenges, we are embracing our opportunity to play a leading role in building a more sustainable world. 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.”