Transpower today announces the launch of its Green Finance Programme, certified under the global Climate Bonds Standard. This important step reflects Transpower’s commitment to achieving a net zero carbon transmission grid and supporting Aotearoa New Zealand’s net zero carbon targets. This is the first certification globally of a transmission grid under the newly published Electrical Grids and Storage criteria.
Transpower’s Chief Executive, Alison Andrew says Transpower’s new Green Financing Framework is illustrative of Transpower’s leading role in enabling a net zero carbon transmission grid.
“By issuing Green Financing Instruments, we intend to align our funding strategy with our sustainability objectives, while maintaining the reliable and secure operation of the grid and market system.”
“The decarbonisation of New Zealand’s economy sits at the core of Transpower’s strategy. Transpower has a critical role to play in enabling New Zealand’s move towards electrification and a net zero carbon future, and Transpower works collaboratively across Government and industry to support policy development, business objectives and public engagement on this important topic facing New Zealand.”
Sean Kidney, CEO of the Climate Bonds Initiative says, “This is an exciting moment for power transmission and distribution companies around the world. New Zealand’s Transpower is leading on global best practice in green financing while advancing on its goal of a net zero grid.”
“Supporting a swift transition to clean energy driven systems will require grid modernisation and upgrades in most nations. This long-term certified green issuance programme from Transpower is a positive example of harnessing green capital flows towards clean energy outcomes in New Zealand. This sends a positive signal to investors and transmission operators of what a green future in grids looks like.”
Transpower has chosen to seek a Programmatic Certification under the Climate Bonds Standard (CBS) Version 3.0 published by Climate Bonds Initiative (December 2019).
The Programme covers both existing and future issuances of Transpower’s debt instruments, the proceeds of which will be allocated to finance or refinance Eligible Green Assets – Transpower’s transmission lines and substations, key enabling infrastructure in supporting increasing take up of renewable generation in New Zealand.
Transpower’s NZDX listed bonds (TRP030, TRP040, TRP050, TRP060, TRP070, TRP080 and TRP090), Australian Medium-Term Note, Swiss Bonds and United States Private Placement Notes have received certification under the Programme.
External independent review and verification is provided by Ernst and Young.
For further information please contact:
Transpower Senior Communications Advisor Laura Ackland, +64 (0) 21 394 042 or Laura.Ackland@transpower.co.nz
Climate Bonds Initiative (London) Senior Communications and Digital Manager Leena Fatin, +44 (0) 7593 320 198 or Leena.Fatin@climatebonds.net