Norfolk Southern’s $500 million – GuruFocus.com
ATLANTE, May 11, 2022 /PRNewswire/ — Norfolk Southern Corporation (NYSE:NSC) today released a report on projects funded by the $500 million of green bonds issued by the company in 2021. The report provides a comprehensive overview of the projects financed, as well as the expected environmental and social benefits.
“Sustainability is in our company’s DNA,” said Mark George, executive vice president and chief financial officer of Norfolk Southern. “Our industry-first green bond offering funds projects that align our efforts to reduce carbon emissions and advance sustainable business practices, while delivering long-term value for our clients, communities and shareholders.”
Norfolk Southern is a leader in delivering a low carbon economy and was the first Class I railway in North America issue green bonds. The company allocated $496 million of the net proceeds of its Green Bonds to finance eligible projects, as defined in Norfolk Southern’s Green Financing Framework. Projects include:
- $275.6 million to finance locomotive DC to AC conversions: Retrofitting an existing locomotive saves approximately 200 tonnes of total carbon emissions compared to producing a new AC locomotive. It also improves energy efficiency by up to 25%.
- $99.5 million in improving intermodal facilities: further support efforts to move millions of tons of freight onto the railroad to decongest our country’s highways.
- $10.9 million to other locomotive fuel management initiatives: this directly supports Norfolk Southern’s science-based goal of reducing carbon emissions intensity by 42% by 2034.
- $3.4 million to build on the company’s nature-based solutions that restore and protect vital ecosystems of waterways and wetlands.
“Norfolk Southern intends to build on its industry-leading position to deliver a low-carbon economy while helping customers reduce emissions in their supply chain,” said Josh Raglin, director of sustainability for Norfolk Southern. “From improving the energy efficiency of our locomotive fleet to green projects that restore natural landscapes, we believe these funds generate a sustainable future and long-term value for all of our stakeholders.”
To learn more about Norfolk Southern’s ongoing efforts to build a better planet, and to access the full report on the use of Green Bond proceeds, visit www.nscorp.com/sustainability.
About South Norfolk
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s leading transportation companies, moving the goods and materials that drive the US economy. Norfolk Southern connects customers to markets and communities to economic opportunity, with safe, reliable and sustainable shipping solutions. The company’s service area includes 22 states and the District of Colombiaall major container ports in the East United Statesand a majority of the population and manufacturing base of the United States.
View original content to download multimedia: https://www.prnewswire.com/news-releases/norfolk-southerns-500-million-in-green-bonds-funds-low-carbon-initiatives-301545096.html
SOURCE Norfolk Southern Corporation