UDDEVALLA, SWEDEN — Lantmännen has updated its Green Bond Framework through the issuance of SEK 2 billion ($192.49 million) in new green bonds, enabling financing of the Sweden-based agricultural cooperative’s many sustainability initiatives, such as plant breeding for climate adaptation, sustainable proteins, fossil fuel-free grain drying facilities, among others.

Lantmännen said in its March 15 announcement that the updated Green Bond Framework has been adapted to the latest market standards and aims to increase transparency regarding what the cooperative intends to finance with its green bonds. In addition, a new project category is being introduced within the framework — Clean Transportation — to promote fossil fuel-free vehicles.

“We are driving the development toward the farming of the future and see continued potential to accelerate the climate transition,” said Claes Johansson, head of sustainability at Lantmännen. “A lot of technology and knowledge is in place, what is missing are resources for investments in the parts of the value chain that are most important for the transition. Strengthened profitability and targeted investments therefore play a major role. That is how we can meet an increased demand from the outside world and the market for responsibly produced food, bioenergy and bio-based materials — both today and in the future.”

The new green bonds were issued on March 14 and exceeded expectations with the order book growing rapidly to SEK 4.7 billion ($452.45 million), Lantmännen said. A transaction was made for a volume of SEK 2 billion divided on a maturity of three and five years. Leading banks in the issue were Danske Bank and Nordea.

Owned by 18,000 Swedish farmers, Lantmännen has 10,000 employees, operations in over 20 countries and an annual gross revenue of approximately SEK 65 billion ($6.2 billion).