Walmart Inc. is selling a $2 billion green bond, the largest ever from a US corporation, according to data compiled by Bloomberg.

The retail giant’s debut sustainable debt issuance comes amid efforts to reduce carbon emissions, boost recycling and clean up its supply chain.

The bonds may help fund a range of green projects including solar and wind, energy efficient refrigeration, electric vehicles and waste reduction, according to its green financing framework. The $2 billion 10-year green bond is part of a five-part $7 billion sale to help fund a tender offer.

Walmart has a target of achieving zero emissions by 2040 and also aims for a 1 billion metric ton cut in emissions from its supply chain by 2030.

“It certainly seems like they’re serious about taking a sustainability leadership role within the retail space,” said James Rich, a senior portfolio manager at Aegon Asset Management, in an emailed response to questions. “I don’t know how other retailers will be able to avoid making similar commitments and changes.”

Amazon.com Inc. sold debut bonds for environmental, social and governance projects in May. Alibaba Group Holding Ltd. raised its first sustainable debt in February.

New issuance of green, social, sustainability and sustainability-linked bonds from corporations and governments worldwide is at a record $691 billion so far this year, according to data compiled by Bloomberg. Bankers expect the sales to reach $1 trillion for the first time this year.

Bank of America Corp. is green structuring agent for the sustainable portion of the deal, which was also managed by Morgan Stanley, CL King & Associates, Samuel A. Ramirez & Co. Inc., Siebert Williams Shank & Co. LLC and American Securities Capital Partners LP.

By Caleb Mutua and Jack Pitcher

Learn more:

Measuring Fashion’s Sustainability Gap — Download the Report Now

Brands are talking about sustainability more than ever before, but does their rhetoric stand up to scrutiny? BoF’s new report, The BoF Sustainability Index, benchmarks 15 of the industry’s biggest companies against ambitious environmental and social goals and finds fashion is falling short.