National Australia Bank’s climate bond (hope it doesn’t include nuclear industry )
Always look out for that wobbly phrase “low carbon’ – often code for including nuclear. Is NAB going to count nuclear industry projects in its climate bond?
NAB launches first Australian climate bond, ABC News, By business reporter Stephen Letts 4 Dec 2014, Australian renewable energy investment has received a $150 million boost with the release of the first local “climate bond” to finance local projects.
National Australia Bank says proceeds from bond issue have been ring fenced to finance both wind and solar projects in Victoria, South Australia, Tasmania, Western Australia, New South Wales and the ACT.
The bulk of the 17 projects are already operational, while three are still under construction.
The NAB says the climate – or green – bond is the first bank-issued bond to be certified in compliance with international Climate Bonds Standards, a benchmark to assist investors prioritise investments that finance climate change solutions.
The World Bank – backed by Westpac and local institutional investors and super funds – released a $300 million issuance last year, although those funds were more focused on building renewable energy projects in developing nations.
The global green bond market has been experiencing strong growth in the past couple years.
In the first six months of 2014, green bond issuance totalled $US18.4 billion – a 67 per cent increase on 2013.
All up green bonds raised more than $US40 billion worldwide this year.
Investor Group on Climate Change chief executive Nathan Fabian said it shows the banks are getting strong signals from institutional investors wanting “low carbon” and green products………http://www.abc.net.au/news/2014-12-05/nab-launches-first-australian-climate-bond/5945968
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