Is the Cloquet Sappi mill the greenest in the world? While there hasn't been an official trophy awarded by pulp and paper mills worldwide, Cloquet Sappi manager Mike Schultz is quite certain we have a winner here. It always amazes local people when they find out the Cloquet mill is considered the most environmentally friendly mill in the world. Gone are the days when people used to talk about the "smell" of the paper mill that permeated the air in town — that ended when the new, more efficient pulp mill was constructed some 20 years ago, Schultz said, pointing out that the Cloquet pulp mill (which also now makes chemical cellulose) is still the newest pulp mill in North America. What began years ago as an effort to prolong the life of the on-site landfill, the Cloquet mill has turned into one of the environmental success stories of the millennium. It's been a war fought on many fronts, most of them involving reusing waste that used to end up in the landfill or the sewer, along with a shifting focus to using renewable energy as much as possible. Click Read More below for more of the story.
UPM has today published its first Green Bond Report. The report provides details on the use of proceeds as well as the estimated impacts of the UPM´s EUR 750 million Green Bond issued in November 2020.
The proceeds of the Green Bond were allocated to the following two categories:
- Sustainable forest management
The category includes the acquisition, maintenance and management of certified forests. The total amount used was EUR 672 million, of which EUR 592 million was allocated to carrying value of forest land and EUR 80 million to sustainable forest management costs.
- Climate positive products and solutions
The category includes financing the development, operations, maintenance and expansion of the production of climate positive products and solutions. The total amount used was EUR 78 million and it was allocated to R&D costs of biochemicals, biocomposites, biofuels and biomedicals businesses.
“The Green Finance Framework and the Green Bond are an important part of our financing and our Biofore strategy. With this proceed allocation we support the goals of the Paris Agreement and contribute to the UN Sustainable Development Goals important to us,” says UPM´s CFO Tapio Korpeinen.
UPM’s Green Bond 2020 Report can be found at: https://www.upm.com/siteassets/asset/investors/debt/upm_green_bond_report_2020.pdf