NBN Co raised A$2.1 billion (EUR 1.35 billion) from its debut European Green Bonds issuance in a transaction that makes NBN Co the first Australian Government Business Enterprise to issue Green Bonds in Europe.
NBN Co’s commitment to energy efficiency has taken a significant leap forward with the recent successful pricing of its inaugural EUR benchmark Green Bonds.
The issuance comprised EUR 750 million (A$1.2 billion) of six-year bonds and EUR 600 million (A$947 million) of 10-year bonds, with the proceeds earmarked for eligible green projects under the company’s Sustainability Bond Framework in a move that’s is expected to drive the company’s sustainability efforts further and make a positive impact on the environment.
The move follows the company’s announcement in its 2023 Corporate Plan to align its emissions reduction targets with the Australian Government’s commitment to Net-Zero emissions by 2050.
NBN Co also pledged to set science-based net zero emissions reduction targets with the Science-Based Targets initiative (SBTi), with near-term targets currently awaiting validation by the SBTi demonstrating NBN Co’s dedication to driving sustainability and environmental protection, contributing to a greener future.
In February 2023, the company issued its 2023 Sustainability Bond Report which provides allocation and impact reporting related to the $800 million Green Bond issued under NBN Co’s AMTN program.
NBN Co has developed a Sustainability Bond Framework in 2022 that allows for the issuance of Green, Social, and Sustainability Bonds. The framework is supported by a significant collection of suitable green and social assets.
