SUSTAINABILITY: Port of Brisbane gets $500m loan to advance goals
By Our Correspondent
The Port of Brisbane, Australia, has agreed to the terms of a sustainability-linked loan for $500 million, which will take effect from June 2023, according to FleetMon.
It stated: “A syndicate of 10 banks will be financing this loan, which was negotiated back in November 2022 as part of a larger $850 million loan. The loan will be executed under the Port’s Sustainability Financing Framework, and Key Performance Indicators (KPIs) from three main areas will be used to measure its success. These areas include emissions reduction, biodiversity, and mental health first aid.
“The port has set a goal to reduce its periodic emissions (Scope 1 and Scope 2) to below 8,702 tons of CO2 by the financial year 2026. To provide a comparison, the baseline for these emissions in the financial year 2022 was 12,289 tons. Additionally, the port aims to rehabilitate 10 hectares of land between FY24 and FY26. By FY25, it also seeks to achieve tier 2 (advanced workplace) status given by Mental Health First Aid Australia.
“The loan will be issued in two terms: $240 million over a four-year term and $260 million over a six-year term. If the Port of Brisbane Pty Ltd (PBPL) meets the targets mentioned above, it will be able to reduce its funding costs. PBPL Chief Executive, Neil Stephens, stated that the deal would support the port’s ongoing investment while cementing its place as an industry leader in sustainability.”
