Jemena delivers green finance framework
Australian gas infrastructure company Jemena on August 24 released its Green Finance Framework. The company said the move is to satisfy investor demand for more sustainable investment options.
The Green Finance Framework comes after Jemena announced its ambition to achieve net-zero emissions by 2050. The framework will see the company use funds raised from green instruments such as bonds, loans, and promissory notes to finance and/or refinance projects which will have a positive impact on the environment, it said.
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The framework applies to companies within the State Grid Singapore Power Australia Assets Group including Jemena and engineering, project management, operations and maintenance services company, Zinfra. The framework was developed in collaboration with global investment banks HSBC and ING.
“Our Green Finance Framework gives confidence to investors that they are backing projects which will make a difference in lowering carbon emissions, while also helping to create the energy system of the future,” Jemena’s CFO, David Gillespie, said.
Gillespie said Jemena, along with its project partners, was leading a number of trials designed to test the application of new technologies in commercial, residential, and transport settings.
“Together with the Australian Renewable Energy Agency, Arena, and our other project partners we’re investing close to A$30mn ($21.7mn) in renewable gas trials which are testing how hydrogen and biomethane can be integrated into the New South Wales gas distribution network,” he said.
“Across our electricity network in Victoria, we are also leading work to enhance the integration of renewables into the electricity grid, while giving people greater choice and control over how they power their lives,” Gillespie added.
Net proceeds of green instruments issued by Jemena will be used to fund projects in four major categories: renewable energy, energy efficiency, clean transport, and climate adaptation. Administration of the framework will be subject to external review and will be reported on annually as part of the group’s annual reporting process, Jemena said.