In March 2021, Novelis successfully completed an issuance of a 500 million EURO Green Bond to finance projects that will help the company meet its stated goals of reducing its carbon footprint by 30 percent by 2026 and being carbon neutral by 2050 or sooner.
As of March 31, 2023, Novelis has allocated $280 million of the net proceeds of this issuance to finance new or existing projects to increase aluminum recycling capacity and reduce primary aluminum use, with efforts focused on countries including the U.S., Brazil, South Korea, the United Kingdom and Germany. In total, the Green Bond investments are expected to reduce carbon emissions by more than three million tons annually once they are all fully up and running.
“These projects demonstrate that Novelis is successfully carrying out its purpose of ‘Shaping a Sustainable World Together’ by funding investments that significantly lower the carbon emissions of our manufacturing operations and enable us to continue to increase the recycled content of our products, which are already at industry-leading levels,” said Steve Fisher, president & chief executive officer, Novelis Inc. “Innovation is the driving force behind change as Novelis and our customers work together to create a more circular economy for aluminum.”
The following highlights some of the featured projects listed in the Novelis Green Bond Report:
- New and expanded recycling centers that will provide low-carbon aluminum:
- Construction of the $365 million Automotive Recycling Center in Guthrie, Kentucky
- Novelis is constructing a new recycling plant in Bay Minette, Alabama. This highly advanced facility is expected to increase the number of used beverage cans (UBCs) the company recycles per year by 15 billion
- The investment of $1.2 million to install nearly 1,000 photovoltaic solar panels across 14 UBC collection centers in Brazil. The panels are expected to reduce carbon emissions by 230 tons per year and can generate 600 MWh per year of clean energy, which will make collection centers self-sufficient for energy
The projects highlighted in the Novelis Green Bond Report demonstrate the company’s commitment to driving innovation, creating a circular economy for aluminum and building a more sustainable future.
As published in June 2023 issue of American Recycler.
