American Express Company has announced the settlement of the company’s first ESG bond.

The $1 billion bond may be allocated toward sustainable financing projects in the Green and Social categories developed by the American Express Sustainable Financing Framework, which is aligned with the company’s global ESG strategy.

Projects in the Green category include those related to green buildings, energy efficiency improvements and renewable energy, and the circular economy, which includes responsible production projects like the company’s goal of having the vast majority of the cards it issues made of at least 70% recycled or reclaimed plastic by the end of 2024. Social projects are comprised of initiatives connected to socioeconomic advancement and empowerment, access to essential services, and affordable housing.