Union Pacific pockets USD 600m from green bond sale

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

September 13 (Renewables Now) - US freight-hauling railroad operator Union Pacific Corp (NYSE:UNP) said on Monday it has wrapped up a USD-600-million (EUR 600m) green bond placement, seeking to secure funds for decarbonising initiatives, including renewable capacity additions.

The offering was conducted in line with Union Pacific’s goal to cut its absolute Scope 1 and 2 GHG emissions and Scope 3 GHG emissions on a well-to-wheel basis from locomotive operations by 26% by 2030 from 2018 levels. The group also aims to become net zero by 2050.

The proceed from the transaction will be allocated for investments in onsite and offsite power generation projects and distribution of solar or wind power, the purchase of new battery-electric locomotives and expansion of intermodal facilities. Some of the raised funds will go for upgrade initiatives that lower the greenhouse gas emissions of its locomotives and increase fuel efficiency.

Union Pacific operates in 23 western US states.

(USD 1.0 = EUR 1.000)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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