NBN Co has raised $2.1 billion through a green bond issuance in Europe, marking the second such offering from the Australian infrastructure owner. The proceeds will be allocated to eligible green projects, including expanding its fiber network to improve energy efficiency and emissions reduction. NBN Co aims to meet or exceed the Australian government’s 2050 net zero target, and has committed to setting long-term company-wide emissions reduction targets that align with science-based net zero. The company’s near-term emission reduction targets are pending validation by the Science-Based Targets initiative. Fiona Trigona, NBN Co’s Executive General Manager Group Treasury, said the government’s revised statement of expectations included an expectation that NBN Co delivers greenhouse gas emissions reductions consistent with meeting or exceeding the government’s commitment to net zero emissions by 2050.
NBN Co raises $2.1 billion in a second green bond issuance
NBN Co has raised $2.1 billion through its second green bond issuance in Europe, which will be used to finance eligible green projects. The infrastructure owner plans to use the funds to expand its fibre network, which will improve energy efficiency and help meet the Australian government’s 2050 net zero target.
The company’s commitment to reducing emissions aligns with the Science-Based Targets initiative (SBTi), and its near-term emissions reduction targets are awaiting validation by SBTi. In addition, the government’s revised statement of expectations in December 2022 expects NBN Co to deliver greenhouse gas emissions reductions consistent with meeting or exceeding the government’s commitment to net zero emissions by 2050.
Fiona Trigona, NBN Co’s Executive General Manager Group Treasury, explained that the company aims to take fibre “deeper into communities” to reduce electricity consumption. This latest green bond issuance follows a previous medium-term note program that raised $800 million in Australia in April 2022.
BNP Paribas, Citi, Deutsche Bank, and HSBC acted as lead managers for the Euro-denominated green bond benchmark offering.
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