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You can now invest in the city’s environmental performance
Helsingborg has set a target of net-zero greenhouse gas emissions by 2035 and its authorities are so serious about it that they have issued sustainability-linked bonds. The performance indicator for that financial instrument will be the trajectory of the municipal emission reduction rate in the following years.
The goal of the bonds is to attract capital for the carrying out of bolder and more expansive green initiatives so that increased quality of life and a healthier environment will be brought about. The action makes Helsingborg the first municipality to try this approach.
SEB Investment Management company has purchased the first 500 million SEK (about 47.8 million euros) bond issued under the new framework, brokered by Danske Bank.
The framework describes how much the emissions (in tons of CO2e) should be reduced yearly until 2035 in the geographical area of Helsingborg, based on the ambitious goals in the City of Helsingborg's climate and energy plan.
This makes it possible to construct bonds that take into account whether the city has reached the target for each year regarding emission reductions. If the emission reductions do not correspond to the target, the bond's coupon can be increased, or an additional payment can be made once the bond has reached maturity.
As for tracking the emission reduction performance, the experts will use the Swedish national emissions database, which is freely available online for a consultation.
“Within the geographical area of Helsingborg, emissions of greenhouse gases (in the number of tonnes of CO2e) have decreased by 52 percent since 1990. It is possible to achieve the ambition of net zero emissions by 2035, but to accomplish this our emissions must decrease at a faster rate in the coming years,” explained Henrik Frindberg, environment director in the City of Helsingborg.
He concluded: “Therefore, we need to concentrate on reducing emissions in crucial areas, such as fossil-fuel-free transport, and take advantage of carbon sinks and transformative technology to store and sequester carbon dioxide.”
The investment framework was developed in collaboration with Danske Bank and in accordance with the International Capital Market Association's Sustainability-Linked Bond Principles.
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