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Owens Corning to invest US445mn in sustainability projects

Owens Corning will invest $445mn into sustainability projects, driving enhanced sustainability of construction materials

Global producer of insulation, roofing and fibreglass materials Owens Corning has unveiled a US$450mn green bond alongside a commitment to investing $445mn in sustainability projects.

The news bodes well for the construction industry as firms around the world increasingly seek out sustainable and sustainably-sourced building materials.

“We are pleased to announce our first green bond. Owens Corning is dedicated to running a sustainable enterprise that benefits both the environment and our shareholders,” said CEO Brian Chambers in the company’s press release.

“Our 20,000 employees around the world work every day on improving our products and processes to ensure that we are making the world a better place. It’s encouraging that so many investors see value in supporting our green efforts.”

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The company is the first US-based industrial firm to issue a green bond, according to its statement.

Sustainability projects eligible for Owens Corning’s proposed cash injections include: long-term power purchase agreements in renewable energy solutions such as wind and solar; increased energy efficiency for its internal projects and processes; and programmes to cut waste, boost recycling and maximise the level of recycled materials in its projects.

“No company can make the world a better place by itself,” said Frank O’Brien-Bernini, Chief Sustainability Officer, in the press release. “This bond was an invitation to investors to support Owens Corning’s contributions to a vitally important, global collaboration to build a sustainable world for the future.”

The $450mn bond, payable over a ten-year period, has a 3.95% coupon rate.