Amazon issued its first sustainability bond, raising $1 billion to invest in projects that could help to reduce carbon emissions around the world.
The proceeds will be largely used to fund projects in renewable energy, clean transport, sustainable buildings, cheap housing and socioeconomic advancement and empowerment, the company said.
Proceeds from sustainability bonds are used to finance or refinance a mix of green and social initiatives.
"Sustainability bonds enable investors to join us in tackling critical social and environmental issues. We are committed to using our scale for good," the company said in a blog.
"Amazon continues to stimulate investment in the development of green technology and low-carbon products and services that will enable companies of all sizes to decarbonise their operations."
Sustainable finance has become popular over the past year as some of the world's biggest companies and fund managers commit to environmental, social and governance policies in an effort to reduce emissions.
The issuance of sustainable finance bonds doubled last year to a record $554.3bn, according to Refinitiv data.
Demand surged in every quarter last year, from less than $70bn in the first three months to $180bn in the October-December period. It marked the highest quarterly total since records began in 2015.
Amazon's new bond is part of its Sustainable Bond Framework, which aims to advance new technology that "decarbonises and preserves the natural world", the company said.
However, the money raised through the sustainability bond is only 5.4 per cent of $18.5bn of debt the company issued on Monday, according to the Financial Times and Bloomberg.
The company took advantage of the low interest rate environment and raised the debt through bonds of eight different maturities, ranging from two to 40 years, according to the reports.
In October 2019, the e-commerce company also co-founded the Climate Pledge to encourage organisations to achieve net-zero annual carbon emissions by 2040, a decade before the Paris Agreement's 2050 deadline.
Amazon, which recorded strong growth as the Covid-19 pandemic boosted online shopping globally, last week posted an annual increase of 44 per cent in first quarter revenue to $108.5bn.
This was the second consecutive quarter of sales of more than $100bn. Net profit more than tripled to $8.1bn.
The company had $33.8bn in cash and cash equivalents at the end of the quarter.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Specs
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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KILLING OF QASSEM SULEIMANI
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
