National Australia Bank (NAB) has announced that it has helped NBN Co with issuing its first green bond, which will help cut NBN Co's emissions and facilitate its transition to a low-carbon economy.

The green bond issued by NBN Co. will be the first of its kind issued by an Australian telecommunications company or government enterprise. NBN Co will utilise the funds for approved green projects like reducing its annual energy consumption, transitioning to electric or hybrid cars, and purchasing 100 per cent renewable electricity.

David Gall, NAB Group Executive, Corporate and Institutional Bank, stated that NAB recognises the significant role it plays in financing the nation's efforts to reduce emissions and combat climate change.

Mr Gall said, "This bond is an important milestone for the Australian public and telco sectors, and we’re proud to be playing an important role in bringing yet another first green bond to the Australian market.

“NAB is at the forefront of product innovation and environmental financing that is helping our customers in their transition to net zero.”

NAB has also closed six ESG-linked derivatives in the European market and one in Australia, in addition to one ESG-linked foreign exchange derivative.

Since becoming the first Australian issuer of a Certified Green Bond under the Climate Bonds Standard in 2014, NAB has already issued five Climate Bond Initiative (CBI) certified green bonds and one CBI-certified green residential mortgage-backed securities (RMBS) tranche.

Source: Mirage

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