New solar and wind power purchases, energy efficiency investments, and green building construction among eligible bond allocations to support sustainable business
- Proceeds will go to new solar and wind power purchases, energy efficiency investments and green building construction
- Comcast aims to be carbon neutral by 2035
- The firm’s inaugural green bond offering was largely underwritten by nationally recognized minority, women and service-disabled veteran-owned investment banking firms
Comcast announced the issuance of a $1 billion 10-year green bond, offering investors the opportunity to support environmental efforts such as those currently underway or under consideration as part of Comcast’s goal to be carbon neutral by 2035.
Proceeds from the green bond may be allocated to five investment areas, all of which contribute to Comcast’s efforts to reduce its carbon footprint, including renewable energy, energy efficiency, green buildings, campuses, communities and cities, clean transportation, and circular economy adapted products, production technologies and processes. Comcast’s Green Financing Framework provides details on eligible green investments in these categories, in addition to the processes for project selection and progress reporting.
“We’re excited to have offered investors the opportunity to join us as we scale clean energy technologies and other decarbonization strategies across our business,” said Sara Cronenwett, Senior Vice President of Corporate Strategy and Environmental Sustainability at Comcast. “These investments bring great value to the broader community of Comcast shareholders, employees, and customers by helping to foster a cleaner, healthier environment.”
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As part of its goal to be carbon neutral by 2035, Comcast’s environmental efforts have included:
- Reducing Scope 1 and 2 emissions 31% since 2019.
- More than doubling the use of renewable electricity from 2020 to 2021.
- Decreasing Comcast Cable’s energy per consumed terabyte nearly 30% from 2019 to 2021.
- Piloting electric and hybrid vehicles in select locations, including debuting the first four electric trams in the Universal Studios Hollywood fleet.
- Increasing the number of green buildings it owns or occupies, including the LEED Platinum Comcast Technology Center.
Comcast worked with S&P Global Ratings to obtain an independent second party opinion on the Green Financing Framework, which concluded the framework is aligned with the ICMA Green Bond Principles (2021) and LMA/LSTA/APLMA Green Loan Principles (2021).
“We’re pleased that our inaugural green bond offering was largely led and underwritten by four nationally recognized minority-, women-, and service-disabled veteran-owned investment banking firms with whom Comcast has a strong historical relationship,” said Jason Armstrong, Chief Financial Officer and Treasurer for Comcast Corporation. “We value the role these firms play and are delighted to have partnered with them on such an important transaction for Comcast.”
BofA Securities, Inc. was sole Green Structuring Agent, an Active Bookrunner, and a Coordinator for the minority- and women-owned broker-dealers on the transaction. Also leading the green bond as active bookrunners were service-disabled veteran-owned Academy Securities, Inc., African-American-owned Loop Capital Markets LLC, Hispanic-owned Samuel A. Ramirez & Company, Inc., and African-American- and women-owned Siebert Williams Shank & Co., LLC. All 10 co-managers on the transaction were diversity firms.
“The strong response from investors to Comcast’s inaugural green bond offering highlights the market’s positive view of the company and appetite for this type of security structure,” said Andrew Karp, head of Global Sustainable Banking Solutions Group at BofA Securities, Inc.
