UP uses 2022 green bond proceeds to reduce carbon footprint

Union Pacific Corp. recently published its 2023 Green Bond Allocation and Impact Report, which outlines how proceeds from green bonds issued in September 2022 were used to help meet climate action goals. 

The company allocated all of the bond’s net proceeds of $590.8 million to eligible projects that support corporate sustainability initiatives consistent with the Class I's green financing framework, UP officials said in a press release. 

The allocations and projects include:  

• $265.5 million for upgrades to existing rolling stock;
  
• $220.9 million to expand network capacity and promote modal shifts from truck to rail;
  
• $78.1 million for new rolling stock, vehicles and equipment;
  
• $19.9 million for renewable energy investments; and
  
• $6.4 million for energy efficient lighting projects.
  

“The infrastructure investments funded by the green-bond proceeds underscore [our] efforts toward building a more sustainable future and to achieving our climate-change goal of net zero by 2050,” said UP President Beth Whited.