Insight & Analysis

Press release: HP’s Sustainable Bond Framework

Published: Jun 2021

7th June 2021 – HP Inc. (NYSE: HPQ) today announced the release of its Sustainable Bond Framework, which the company will use to issue bonds to help finance HP projects that contribute to a more sustainable and just future.

Newspaper press release

The company also announced the pricing of its inaugural sustainability notes issuance, totaling $1 billion, as part of a $2 billion overall debt offering. The sustainability notes are designed to empower investors to join HP in tackling important economic, social and sustainability issues.

The sustainability notes offering follows a series of recent announcements by HP setting some of the most aggressive and comprehensive environmental and social goals in the technology industry, including a pledge to achieve net zero carbon emissions across its value chain by 2040 and gender parity in management roles by 2030.

“The long-term success of our business will be inextricably linked to our ability to help solve the challenges facing the planet and society as a whole,” said Chief Financial Officer Marie Myers. “HP has long been a purpose-driven brand that’s anchored in strong corporate values. This offering is an important part of our overall approach to aligning the needs of our business with the needs of the world around us.”

Sustainable Bond Framework

HP’s Sustainable Bond Framework is built on three pillars of Sustainable Impact:

Climate Action (Planet)
In April 2021, HP announced an ambitious set of climate action goals. Highlights include:

  • Achieve net zero greenhouse gas emissions across HP value chain by 2040, beginning with Supplies business achieving carbon neutrality by 2030
  • Reach carbon neutrality and zero waste in HP operations by 20251
  • Reach 75 percent circularity for products and packaging by 20302
  • Counteract deforestation for non-HP paper used in our products and print services by 20303

Human Rights (People)
In May 2021, HP announced a series of ambitious goals to drive a more diverse, equitable and inclusive technology industry. HP is the first Fortune 100 tech company to commit to 50/50 gender equality in leadership by 20304. Additional goals include:

  • Achieve greater than 30 percent technical women and women in engineering by 2030
  • Meet or exceed labor market representation for racial/ethnic minorities in the U.S. by 2030
  • Maintain higher than 90 percent rating on internal inclusion index for all employee demographics annually5
  • Reach one million workers through worker empowerment programs by 2030

Digital Equity (Community)
The final set of goals designed to help HP become the world’s most sustainable and just technology company is focused on digital equity and will be launched in tandem with the 20th annual Sustainable Impact Report on June 9, 2021.

The HP Sustainable Bond Framework is in alignment with the four components of the Sustainability Bond Guidelines (2018), Social Bond Principles (2020) and Sustainability Bond Guidelines (2020) (collectively, the “Principles”). Sustainalytics, an independent consultant with recognized environmental and social expertise, has provided a Second-Party Opinion (“SPO”) on the expected environmental benefit of HP’s Sustainable Bond Framework as well as its alignment with the Principles. The SPO is available on the SPO provider’s website:

Details of the HP Sustainable Bond Framework include:

  • A committee with representatives from HP’s Sustainability, Treasury and Finance teams will be responsible for the assessment and selection of eligible projects, on an annual basis, to ensure alignment with the Framework.
  • All eligible projects that are allocated funding from the proceeds of the issuance of sustainability notes will follow an internal process that includes final review and approval by the Chief Sustainability and Social Impact Officer.
  • HP will publish a Sustainable Bond Report, beginning in 2022 until the full allocation of the net proceeds from the sale of any Sustainable Bonds, on the website together with the annual Sustainable Impact Report that will include:
    • the amount of net proceeds from the sale of any Sustainable Bonds by HP that have been allocated to one or more eligible projects either individually or by category, subject to confidentiality considerations;
    • the list of the eligible project categories with a selection of brief descriptions;
    • the expected impact metrics, where feasible; and
    • the outstanding amount of net proceeds from the sale of any HP Sustainable Bonds yet to be allocated to any eligible projects at the end of the reporting period.
  • To view the HP Sustainable Bond Framework, and for more information, visit

As outlined in the Sustainable Bond Framework, HP intends to allocate the proceeds of the sustainability notes to fund projects across eight key areas of the business including: renewable energy, green buildings, energy efficiency, clean transportation, pollution prevention and control, the circular economy, natural resources and land use, and socioeconomic advancement and empowerment.

At HP, the value-driven culture unites global teams and partners to give them confidence in HP’s ability to accelerate progress and foster a more sustainable, equitable and just society. These values are backed by strong leadership, a clear Code of Conduct, robust compliance systems and employees training programs.

  1. Zero waste operations: eliminate non-hazardous waste to landfill in all HP direct operations by 2025. Includes all HP owned and managed sites worldwide. Zero waste is defined by the UL or TRUE certification standard.
  2. Percentage of HP’s total annual product and packaging content, by weight, that will come from recycled and renewable materials and reused products and parts by 2030.
  3. Fiber by weight will be 1) certified to rigorous third-party standards, 2) recycled or 3) balanced by forest restoration, protection, and other initiatives through HP’s Forest Positive Framework. Paper does not include fiber-based substrates for HP industrial presses not listed in HP Media Solutions Locator catalogues.
  4. “Leadership” is defined as director level and up at HP. We expect that gender identity will remain a key topic in many parts of the world. In the future, HP may take in account of more data and those who identify as female will be counted towards the 50/50 gender equality goal.
  5. Annually, HP employees fill out a survey called Voice Insight Action (VIA) to understand overall employee engagement including their sense of belonging in the company.

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