Dow Inc's $1.25 billion green bond was described by one of the awards judges as an "impressive inaugural green issuance by a hard-to-abate sector entity in the US. This framework can serve as another reference model for chemical producers outside of Europe."

In February 2024, the Michigan-based company raised $600 million through a 10-year tranche, and the remaining $650 million through a 30-year tranche, which was the longest-dated chemicals sector green bond issued to date, according to its awards submission. The deal placed Dow as the second largest US chemicals green bond issuer to date.

Dow pledged to allocate the net proceeds of the bond to eligible projects that are in line with its Green Finance Framework. Among these is Dow's Path2Zero project in Fort Saskatchewan, Alberta, Canada which will be the world's first net-zero carbon Scope 1 & 2 emissions integrated ethylene cracker and derivatives site.

By 2050, Dow intends to be carbon neutral across Scopes 1, 2, and 3 greenhouse gas emissions and product benefits.

The green financing framework has an external review from ISS.

Another awards judge said it was a "strong framework with proceeds directly supporting the first-of-a-kind decarbonisation Path2Zero project in Fort Saskatchewan".