Looking to help the environment, Jemena focuses on green finance
Energy infrastructure company Jemena has announced their industry-first green finance framework that will see the business use sustainable instruments to finance and refinance projects that will have a positive impact on the environment.
Jemena has announced the framework, which was developed in collaboration with global investment banks HSBC and ING, which has been implemented to aid the energy company in achieving its net-zero emissions by 2050.
ING and HSBC banks gave their financial knowledge to the creation of the framework, aiding with the strategy and approach towards the sustainable finance methods involved. The framework was audited and approved Sustainalytics, a leading environmental, social and governance (ESG) researcher and ratings provider.
The green instruments Jemena will issue as a part of the framework include bonds, loans and promissory notes, with the proceeds being used to finance renewable projects across four major categories:
- Renewable energy
- Energy efficiency
- Clean transport
- Climate adaptation
Jemena, alongside the Australian Renewable Energy Agency (ARENA), are investing $30 million with other project partners into renewable gas trials, testing how methane and biomethane can be integrated into the New South Wales gas distribution grid.
Integrating renewable energy across their electricity network in Victoria is also a focus for Jemena, who own and operate over $11 billion worth of electricity and gas assets across the country.
Green energy continues to break records
Australia may be late to the renewable energy scene as far as developed countries go, but clean power continues to break records as its production and consumption rise around the nation.
Just last weekend, solar output overtook that of coal for the first time on Australia’s main grid, while more than 2 million Aussie homes now feature rooftop solar systems.
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