Micron Releases Green Bond Framework

Rhea-AI Summary

Micron Technology (Nasdaq: MU) introduced its Green Bond Framework aimed at promoting sustainability through green financing. The framework, developed with a second-party opinion from Sustainalytics, outlines eligible projects including renewable energy and pollution control. Micron committed to spending $1 billion by 2028 to achieve significant environmental goals, such as a 75% reduction in greenhouse gas emissions and sourcing 100% renewable energy in U.S. operations by 2025. This initiative builds on Micron’s prior success in securing $3.7 billion in sustainability-linked credit facilities.

Positive

• Launch of Green Bond Framework supports sustainability initiatives.
• Commitment to invest $1 billion by 2028 for environmental goals.
• Plans to reduce greenhouse gas emissions by 75% by 2030.
• Successful acquisition of $3.7 billion in sustainability-linked credit facilities.

Negative

• None.

BOISE, Idaho, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), today announced the release of its Green Bond Framework, supported by a second-party opinion from Sustainalytics, a Morningstar Company and globally recognized provider of ESG research, rating and data.

“A Green Bond Framework reflects Micron’s broader commitment to sustainability as we embrace green financing as a principal funding strategy,” said David Zinsner, Chief Financial Officer at Micron. “The framework announced today is a testament to how environmental sustainability and good business practices together can drive positive outcomes for Micron, investors and the planet.”  

The framework provides information about the types of projects that are eligible for financing or refinancing with the use of any potential green bond proceeds and is in alignment with the four core pillars of the Green Bond Principles, 2021. Eligible projects support Micron's sustainability commitments, and focus on renewable energy, green buildings, energy efficiency, sustainable water and wastewater management, pollution prevention and control, and circular economy adapted products and production technologies. Micron will issue a green bond report annually regarding the allocation of proceeds as well as expected impact metrics, where feasible.

Micron’s Green Bond Framework aligns with, and builds on, Micron’s actionable sustainability strategy and efforts, which include the company’s previously announced commitment to spend $1 billion by 2028 to reduce greenhouse gas emission intensity by 75% between 2018-2030, achieve 75% water conservation and 95% waste diversion globally in 2030 and source 100% renewable energy across its U.S. manufacturing operations by the end of 2025.

The release of its Green Bond Framework reflects Micron’s leadership in sustainable financing, and follows the company’s recent close of approximately $3.7 billion sustainability-linked credit facilities in May 2021, which positioned the company as one of the largest corporate sustainability-linked credit facility borrowers in the U.S. Crédit Agricole Corporate and Investment Bank (CIB) served as the sustainability structuring agent for the credit facilities and assisted in the development of the framework.

For more information on Micron’s Green Bond Framework, please visit www.micron.com/sustainability.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron^® and Crucial^® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2021 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Erica Pompen
Micron Technology, Inc.
+1 (408) 834-1873
epompen@micron.com

Micron Investor Relations Contact
Farhan Ahmad
Micron Technology, Inc.
+1 (408) 834-1927
farhanahmad@micron.com

FAQ

What is Micron's Green Bond Framework?

Micron's Green Bond Framework is a strategy to fund sustainable projects focused on renewable energy, energy efficiency, and pollution prevention.

When did Micron announce its Green Bond Framework?

Micron announced its Green Bond Framework on October 14, 2021.

How much is Micron planning to invest in sustainability by 2028?

Micron plans to invest $1 billion in sustainability initiatives by 2028.

What are the environmental goals Micron aims to achieve?

Micron aims to reduce greenhouse gas emissions by 75%, achieve 75% water conservation, and source 100% renewable energy in U.S. operations by 2025.

How much did Micron secure in sustainability-linked credit facilities?

Micron secured approximately $3.7 billion in sustainability-linked credit facilities.