26 September 2023

Red letter day for State’s Green Bond

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The Treasury has announced the successful launch of the State’s inaugural Green Bond — raising $1.9 billion for eligible Government projects that deliver environmental outcomes.

The bond, which matures in July 2033, was heavily over-subscribed with more than $6 billion in bids from more than 60 investors.

In a statement, the Treasury said the Green Bond was a “use of proceeds bond”, supporting eligible projects delivering positive environmental outcomes, such as the State’s decarbonisation of the main electricity grid.

“The issue of the bond follows more than two years of work done by the Western Australian Treasury Corporation as it coordinated across Government Agencies to outline the State’s Environmental, Social and Governance (ESG) credentials to domestic and international investors,” the Treasury said.

Treasurer, Rita Saffioti said the successful issue of the State’s inaugural Green Bond was a key milestone in the evolution of WA’s borrowing program.

“The fact the issue was heavily over-subscribed highlights the confidence investors have in our commitment to deliver projects with positive environmental outcomes and our strong financial performance,” Ms Saffioti said.

“Investors are increasingly interested in ESG performance, and I commend the Western Australian Treasury Corporation for its extensive work to issue the Green Bond and build the State’s ESG credentials with investors over the past two years.”

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