Ford issues first Sustainable Financing Report

Ford issues first Sustainable Financing Report

MANILA: The sustainable financing framework that Ford Motor Company introduced in November 2021 served as a roadmap for the company's first-year actions. The Sustainable Financing Report 2022 outlines how Ford's electric vehicle design, development, and manufacturing are supported by the net proceeds from the company's first green bond, as well as how the switch to electric vehicles is having a beneficial social and environmental impact.

KEY TAKEAWAYS

  • Where did Ford allocate the net proceeds from its inaugural green bond?

    Almost 90% of Ford's inaugural green bond's net proceeds were allocated in sustainable transportation initiatives, including the company's electric vehicle lineup.
  • What is Ford's carbon neutrality target?

    Ford has committed to become carbon neutral across all of its vehicles, operations, and supply chain no later than 2050.
  • Ford unveiled the framework last year on the fifth anniversary of the Paris Climate Agreement, in line with the release of its first green bond, a $2.5-billion deal that at the time was the largest of its kind by a US-based firm.

    “Addressing environmental and social issues and funding them the right way is good for customers and our long-term success. We’re helping to create a sustainable, zero-emissions world with healthy, thriving and just communities,” Ford Motor Company Chief Financial Officer John Lawler stated.

    As of August 31, 2022, clean transportation projects have received $2.16 billion, or approximately 90%, of the net proceeds from the first green bond. The remaining proceeds are planned to be distributed by the end of the year. Ford plans to use the funds from a second green bond worth $1.75 billion issued in August 2022 before the end of 2023.

    The lifetime emission savings of the Ford Mustang Mach-E, Ford F-150 Lightning, and Ford E-Transit's are also detailed in the report.

    “The world we want to help build requires innovation and unified action. I’m proud to say we are on track to have 50% of our global vehicle mix fully electric by 2030. We’re going to build high-quality electric vehicles at scale and are steadfast in our commitment to leverage this transition to help businesses grow and communities thrive,” Ford Motor Company Sustainability, Homologation, and Compliance Global Director Cynthia Williams said.

    According to the framework, which received the highest-possible “advanced” rating from the renowned Vigeo Eiris, a division of Moody's Corp. that evaluates ESG initiatives, financing of these environmental and social projects can be done through various funding markets, including unsecured debt and securitization transactions.

    PricewaterhouseCoopers LLP, an independent third party, has examined and verified Ford's sustainable financing reporting, which complies with environmental and social best practices defined by the International Capital Market Association and the Loan Market Association. These groups advocate for transparency, disclosure, measuring impact and internal reviews in sustainable financing.

    Ford is the largest car manufacturer in the US, employs the most hourly workers, and was one of the first American automakers to join forces with other countries to reduce the effects of global warming as part of the Paris Climate Agreement. With science-based interim goals it will meet by 2035, the company has committed to become carbon neutral across all of its vehicles, operations, and supply chain no later than 2050.

    Photo from Ford Motor Company

    Also read: Ford PH spreads Christmas spirit with children from Gawad Kalinga communities

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