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5/13/2021
Norfolk Southern Corp. yesterday closed a $500 million green-bond offering to fund investments to reduce the company’s carbon emissions and help customers reduce their supply-chain emissions.
NS is the first Class I in North America to issue green bonds, according to the railroad.
Last month, NS committed to establish a science-based target to lower its carbon emissions in accordance with the Paris Agreement on climate change. Yesterday’s announcement is an important step in the company’s plans to reach that goal, NS officials said in a press release.
Projects that can be funded with proceeds from the green bond offering include:• improving the fuel efficiency of Norfolk Southern’s locomotive fleet;• investing in intermodal terminals that promote the shift of freight from trucks to trains;• powering company operations with cleaner energy;• increasing the use of energy-efficient buildings and technology; and• supporting reforestation projects that restore natural landscapes and offset carbon emissions.
"In recent years our customers have avoided 15 million metric tons of carbon emissions annually by shipping their goods and materials with Norfolk Southern," said James Squires, the Class I's chairman, president and chief executive officer. "Now we are committing to do even more to help customers reduce their carbon footprint, promote cleaner air, and drive long-term value for shareholders."