Telefónica, a Spainish multinational telecommunications company headquartered in Madrid, Spain, is doubling down on its green hybrid sustainability efforts in a big way. The company announced this week that it increased the volume of its “green hybrid” bond from $750 million to $1 billion.
Telefónica also has submitted an offer to purchase two additional hybrid bonds that will close as early as February.
“The funds obtained will be allocated to investments in green projects that seek to achieve greater energy efficiency, consisting mainly of the shutdown of obsolete equipment and the deployment and improvement of network infrastructure. Today’s issue is a continuation of Telefónica’s objective that 25% of its financing until 2024 should meet sustainability criteria,” stated Telefónica, in a press release.
The company states that the new bond “also aligns with the company’s goal to help its customers avoid more than 50 million tonnes of CO2 emissions between 2020 and 2025 thanks to digital solutions, and to achieve zero waste by 2030.”
Telefónica has a Sustainability Strategy in place that includes building a greener future to take advantage of the power of digitalization to curb climate change.
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