Aug 2, 2018

IFC puts $150mn in Indonesia's first commercial green bond

Olivia Minnock
2 min
International Finance Corporation (IFC) has decided to invest $150mn into the first ever green bond issued by a commercial bank in...

International Finance Corporation (IFC) has decided to invest $150mn into the first ever green bond issued by a commercial bank in Indonesia.

PT Bank OBCB NISP is a publicly listed bank based in Jakarta, owned and managed by OCBC, a Singaporean finance group. The institution has issued a five-year green bond which will be used to finance climate related projects.

Green bonds are bonds created specifically to fund projects with positive benefits to the environment, with any proceeds from the bonds being exclusively spent on ‘green’ projects.

See also:

Japan commits to 100% electric passenger cars by 2050

Dubai Electricity and Water Authority signs MoU to boost green building credentials

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In a press release, it was stated that the Indonesian green bond will support government programs aimed at achieving a 29% in greenhouse gas emissions by 2030. Priority will go to green projects like building development and infrastructure.

IFC Chief Executive Philippe Le Houerou said that the bank is “in discussion with other players and keen to provide investment and advisory support to help develop green financing products in the country". 

He also commented: “This is a major milestone for the Indonesian banking sector as it’s expected to catalyse the development of the green bond market in Indonesia.

“In a country where green financing is relatively low, this first ever green bond by a commercial bank marks the first step in unlocking the potential of the green bond market in Indonesia to spur new financing for climate smart projects.”

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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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