Food services group raises more than £680m through green bonds
Compass Group, the world’s largest food services group, has announced an issuance of green debt, which is said to be the first of its kind in the contract catering industry. The bond proceeds will support projects outlined in the group’s sustainable finance framework. These include sustainable sourcing, value-chain decarbonisation and local supply chain development. The company has raised more than £680m through two bonds of €500m (approximately £438m) and £250m. Palmer Brown, the group’s chief financial officer, said: “We intend for the proceeds of the sustainable bonds to initially support the increased purchase and tracking of Fairtrade and sustainable goods within our supply chain, reducing our Scope 3 emissions footprint, while funding diverse and minority suppliers.” The group has set a target of achieving net zero by 2050.