A green bond for an amount of 140 million was issued over 10 years at a rate of 1.6% on November 8. It will allow finance projects responding to the City climate strategysuch as
- the renovation of the Vernets ice rink,
- installation of photovoltaic panels on the flat roofs of its real estate assets,
- or the massive replacement of windows on more than 120 buildings.
This type of loan guarantees investors that the amounts committed will be in projects that meet the needs of strict sustainability criteria. Indicators will make it possible to measure the effects of these investments in terms of energy transition or reduction of greenhouse gas (GHG) emissions.
Funding to be ensured
The City of Geneva’s Climate Strategy is ambitious and requires significant investments in order to ensure the ecological transition of the infrastructure municipal and buildings and properties of the City of Geneva. This will involve providing the population with appropriate and sufficient public infrastructure that meets the needs of social and environmental issues of tomorrow. To do this, the Administrative Council is working in particular on a new planning of its investments, integrating the energy renovation of the most energy-intensive buildings by 2030.
“To accelerate the ecological transition in our territory, while strengthening social cohesion in the long term, massive investments will be essential. Using sustainable financial investments is a new concrete step to accelerate the transition of our society,” explains Alfonso Gomez, Mayor in charge of finance and sustainable development.
A well-defined framework
With regard to its green, social or sustainable loans (Green Bond Principles, Social Bond Principles or Sustainability Bond Guidelines), the City of Geneva has established a framework document which defines THE strict process of selection and D’assessment projects to be financed.
A independent specialist company was mandated to validate the conformity of this document.
This audit confirmed that the different categories of eligible projects are of a nature to contribute to the fight against global warming, in accordance with the defined Climate Strategy. Of the regular reports are planned and will increase transparency regarding public spending on the environment and sustainable development.
For more information: www.geneve.ch/emplois-verts
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