Westpac acted as a joint lead manager on a AUD 400 million green bond issued by property group Mirvac in August 2024, marking the first Australian dollar green bond issued under Mirvac's Sustainable Finance Framework, which Westpac helped Mirvac put in place. The proceeds are earmarked to finance and refinance low-carbon buildings across the developer's portfolio.
CLIMATE BONDS INITIATIVE CERTIFICATION
The bond received certification from the Climate Bonds Initiative, an international standards body that assesses whether debt instruments meet science-based criteria for environmental eligibility. To achieve certification, Mirvac was required to demonstrate that the assets financed by the bond meet the CBI's technical standards for low-carbon buildings, which are aligned with the temperature goals of the Paris Agreement.
The framework sets out the categories of eligible expenditure and the governance processes that apply to each issuance.
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