HELSINKI (News release) -- UPM has published its first Green Bond Report. The report provides details on the use of proceeds as well as the estimated impacts of the UPM´s EUR 750 million Green Bond issued in November 2020.
The proceeds of the Green Bond were allocated to the following two categories:
1 Sustainable forest management The category includes the acquisition, maintenance and management of certified forests. The total amount used was EUR 672 million, of which EUR 592 million was allocated to carrying value of forest land and EUR 80 million to sustainable forest management costs.
2 Climate positive products and solutions The category includes financing the development, operations, maintenance and expansion of the production of climate positive products and solutions. The total amount used was EUR 78 million and it was allocated to R&D costs of biochemicals, biocomposites, biofuels and biomedicals businesses.
"The Green Finance Framework and the Green Bond are an important part of our financing and our Biofore strategy. With this proceed allocation we support the goals of the Paris Agreement and contribute to the UN Sustainable Development Goals important to us," says UPM´s CFO Tapio Korpeinen.