At Google, operating our business in an environmentally and socially responsible way has been a core value since our founding in 1998. We build our products and services to improve the lives of people all over the world. As part of this, we recognize Google's tremendous responsibility to address some of the most pressing challenges of our time-climate change, housing, racial and economic inequity, and the global COVID-19 pandemic. We've made a number of significant commitments and major investments in these areas.
In August 2020, we issued $5.75 billion in sustainability bonds, leading the way with the largest sustainability or green bond issuance by any company in history at the time. The net proceeds funded new and ongoing 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 they're an important part of fulfilling Google's mission and goal of creating value over the long term. Two years later, we are pleased to report that we have fully allocated the
net proceeds from our 2020 issuance, supporting our efforts across all eight of our green and social Eligible Project categories. This 2022 report builds on our 2021 Sustainability Bond Impact Report and covers the allocation to Eligible Projects that incurred expenditures or had capital or contractual commitments between January 1, 2019, and December 31, 2021 (the "Reporting Period"). Our report also covers the associated expected sustainability impact of Eligible Projects included in our allocation
(see Figure 1).
Our Sustainability Bond helps us operate our business in an environmentally and socially responsible way. Our ultimate goal is to enable everyone- businesses, investors, policymakers, and individuals-to create and live
in a more sustainable world. We continue to lead and encourage others to join us in improving the health of our communities and our planet.