PHILADELPHIA—Comcast has published its 2023 Green Bond Report, which outlines how the company has been spending the proceeds from its inaugural $1 billion green bond that it issued in February 2023.
Comcast reported that it allocated $421.8 million of the $995 million net proceeds from its February 7, 2023 issuance of its 4.65% green bond note to key investment categories outlined in its Green Financing Framework, including green buildings, clean transportation, energy efficiency, and renewable energy, for expenditures through the two-years ended December 31, 2022.
These investment categories support environmental efforts that are either underway or under consideration as part of Comcast’s goal to be carbon neutral by 2035, the company said.
Comcast also reported that it has reduced its market-based, enterprise-wide Scope 1 and 2 greenhouse gas emissions by 38% from 2019 to year-end 2022.
“We’re pleased with the first allocation of our green bond offering as we take steps to invest responsibly and reduce our environmental impact across the enterprise,” said Sara Cronenwett, senior vice president of corporate environmental sustainability at Comcast. “This allocation focused on green building construction and electric vehicle deployment at key NBCUniversal and Sky locations that will support more sustainable operations and productions from Hollywood to West London.”
Proceeds from Comcast’s green bond were allocated to several projects, including:
- Universal City Studios – New construction at the Universal City Studios campus in Los Angeles, California is being built to green building standards that help support sustainable production and greener operations. A portion of green bond net proceeds were allocated to green building construction at Universal City Studios for the Barham Stages, as well as a new state-of-the-art office building and events and dining center – all being built to LEED Gold standard or higher.
- Sky Innovation Centre – The Sky Osterley Innovation Centre in West London, England is Sky’s first all-electric building, avoiding the use of fossil fuels within the building operation. A portion of green bond net proceeds were allocated to green building construction for the 78,000-square-foot Innovation Centre, which has achieved a BREEAM Outstanding certification.
- Electric Vehicles – Comcast allocated a portion of green bond net proceeds to clean transportation initiatives, including the Universal Studios Hollywood Studio Tour electric trams and Sky electric shuttle buses, which will help lower carbon emissions and improve local air quality.
The full report is available here.
