Compass raises more than £680m towards net zero ambitions
Compass Group, the world's largest food services company, has issued two sustainable bonds which will be used to fund its global net zero target.
The bonds have raised £433m and £250m respectively and will be used to progress Compass' sustainability initiatives.
In October 2021, Compass became the first international company in the contract catering industry to announce a global commitment to climate net zero by 2050.
The bonds will be used on projects that will enhance responsible sourcing, among other initiatives.
These will include:
- Goods which are certified sustainable, Fairtrade or organic;
- Goods from local, socially diverse or minority suppliers;
- Expenditure in support of the group's net zero commitment, such as the costs of electrifying fleet, use of renewable energy, promotion of plant-based products, and investment in regenerative food production;
- Food waste reduction projects including measurement technologies and systems;
- Waste reduction projects including tackling plastic waste, and the promotion of reusable items; and
- Investment in healthy eating initiatives, including in unit education, labelling and staff training.
Palmer Brown, group chief financial officer of Compass Group, said: "As a group, we recognise the importance of acting on climate change and are committed to delivering a sustainable future for all. Our new sustainable bonds and sustainable financing framework not only reflect our objective to be a socially and environmentally responsible organisation for our clients, employees, suppliers, and wider society; they also support our long-term climate net zero ambitions.
"We intend for the proceeds of the sustainable bonds to initially support the increased purchase and tracking of Fairtrade and sustainable goods within our supply chain, reducing our Scope 3 emissions footprint, while funding diverse and minority suppliers.
"Furthermore, by providing a sustainability reporting framework for our colleagues to adhere to, we expect to see additional operational benefits across the group's businesses, reinforcing more sustainable practices and behaviours, while accelerating existing projects that underpin our growth and drive efficiencies."
Compass generated annual revenues of £18.1b in the year to 30 September 2021. It serves meals to millions of people in more than 40 countries and employs and engages with more than 500,000 people.
The company specialises in providing food and a range of support services across sectors including: Business & Industry, Healthcare & Senior Living, Education, Sports & Leisure and Defence, and Offshore & Remote.
Image: JHVEPhoto / Shutterstock
