Google’s parent company Alphabet has issued bonds totalling $5.75 billion (£4.4bn) to support environmental and social initiatives.

While a number of businesses have issued green bonds solely directed for environmental projects, this is said to be the largest sustainability or green bond issued by any company.

It will target eight areas: energy efficiency, clean energy, green buildings, clean transportation, circular economy and design, affordable housing, commitment to racial equity as well as support for small business and COVID-19 response.

Ruth Porat, Alphabet and Google CFO said: “The proceeds from these sustainability bonds will fund ongoing and new projects that are environmentally or socially responsible and enable investors to join us in tackling critical issues.

“We believe that these investments benefit our communities, employees and stakeholders, and are an important part of fulfilling Google’s mission and goal of creating value over the long term.”