Westpac to issue A$500 million climate bond, investors include Clean Energy Finance

By Lisa Kerner

Charlotte, N.C., May 26 – Westpac Banking Corp. announced it will issue a A$500 million climate bond.

Investors in Westpac’s first climate bond include Clean Energy Finance Corp. with a A$90 million commitment.

The Westpac climate bond has been certified by the Climate Bonds Initiative, and will finance a A$1 billion Australian clean energy portfolio, including low-carbon commercial buildings, according to a news release.

“The strong response to the Westpac Climate Bond reflects the continuing growth we’re seeing in investors’ and customers’ appetite for products that have a positive impact on the economy and the environment,” said Westpac’s group head of sustainability Siobhan Toohill in a news release.

The release adde that Bloomberg New Energy Finance forecasts that between A$12.4 billion and A$12.5 billion of investment in large-scale renewables will be required in Australia to 2020 in order to meet the Renewable Energy Target.

The Australian bank and financial services provider is based in Sydney.

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