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Visa expands sustainability commitments

Published August 24, 2020

Visa expands sustainability commitments

Visa, the multinational financial payments company, has announced that it has priced its inaugural green bond offering, which stands at $500 million.

The green bond, which is accompanied by the appointment of the company’s first chief sustainability officer, Douglas Sabo, is meant to push forward Visa’s commitment to sustainability. The proceeds from the bond shall fund a variety of sustainability projects, all the way from infrastructure to people- and consumer-based initiatives, as well as support investments in projects to inspire and foster sustainable living in support of the United Nations Sustainable Development Goals.

Visa will issue an annual report on the use of these proceeds, as well as what impact they have on the environment.

“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,” said Al Kelly, chairman and chief executive officer of Visa Inc.

This year (2020), Visa has made the transition to 100% renewable energy across its operations and are in the midst of a broader effort to minimise the environmental footprint of what they’ve dubbed their ‘payments ecosystem’.

Alongside curtailing paper usage and diverting waste from landfills, the company has also introduced initiatives such as:

  • Energy reduction through efficient lighting and controls, HVAC upgrades and data centre infrastructure improvements
  • Waste reduction through a robust composting and recycling programme and by using environmentally preferable office supplies such as printer paper with 30 percent post-consumer recycled content
  • Water reduction through low flow water fixtures and responsible landscaping
  • Transportation impact reduction through employee shuttles, public transit subsidies, and virtual meetings
  • Joining RE100 – a collaborative, global platform developed by The Climate Group in partnership with CDP to increase demand for – and delivery of – renewable energy
  • Being a multi-year respondent to the annual Carbon Disclosure Project (CDP) process for disclosing climate change impact and management