SEAFOOD GIANT MOWI DIRECTS GREEN BOND PROCEEDS TO NEWEST FEED MILL

Norwegian seafood producer, Mowi, has announced that the majority of proceeds from the issue of its first green bond have been allocated to the company’s newest feed mill in Scotland.

Mowi’s green bond, which was listed on the Oslo Stock Exchange in June last year and is said to be the first of its kind issued by a seafood company, raised €200m as part of its sustainability strategy.

In its Green Bond Impact Report 2020, released in March 2021, the company said that ensuring feed was sustainably sourced was “key” to cutting the carbon footprint of the company’s salmon.

The lion’s share of bond proceeds have gone to Kyleakin on Scotland’s Isle of Skye, the company’s newest feed mill. Mowi said the facility produces fish feed from “sustainably sourced, certified deforestation-free soy”.

“The remaining proceeds have been allocated to investments in hatcheries and smolt facilities that use recirculation technology to drastically reduce dependency on external freshwater resources,” the report’s executive summary stated.

CICERO Shades of Green, which independently evaluates green bonds, gave Mowi’s investment a “Medium Green” rating.

Mowi, which employs 12,200 people and describes itself as the world’s largest producer of Atlantic salmon, said its green bond ties in with the Paris Agreement on climate change and key United Nations sustainable development goals.

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