24 August: ING in Australia today announced the launch of a Green Finance Framework, developed with leading energy infrastructure provider Jemena to help the company deliver on its commitment to a low-carbon future and net zero emissions by 2050.
ING, together with HSBC, worked with Jemena to produce the green finance framework, to enable the raising of energy project financing using green instruments such as sustainable bonds and loans.
The global banks also leveraged their international expertise to advise Jemena on its strategy and approach to sustainable finance, and ESG management and disclosure.
Jemena already owns and operates more than $11 billion of energy infrastructure assets across the east coast of Australia. Net proceeds of new green instruments issued by the company will be used to fund projects in four major categories: renewable energy, energy efficiency, clean transport, and climate adaptation.
ING drew on its considerable global and Australian experience facilitating the green goals of utility companies to develop the Jemena green finance framework, which was audited and approved by leading ESG research and ratings provider Sustainalytics.
ING’s Head of Wholesale Banking Australia, Charles Ho, said:
“ING is proud to be able to apply our global experience and expertise in sustainable finance to support key Australian clients like Jemena, particularly as the transition to a low-carbon society gains significant momentum here.”
ING’s Head of Sustainable Finance & Global Capital Markets APAC Helge Muenkel, said:
“Creating Jemena’s sustainable finance framework and advising on their sustainability strategy is a perfect example of how ING empowers our clients to take action against climate change by helping them facilitate the energy transition.”
Jemena’s Chief Financial Officer, David Gillespie said:
“Our Green Finance Framework gives investors confidence 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.”
Notes to editors
For more information contact David Breen on 0412 933 060 or David.Breen@ING.com.au
About ING
ING changed the way Australians bank 21 years ago by launching the country’s first branchless bank. ING now offers Australians award winning home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.
ING is Australia’s most recommended bank according to RFi XPRT Survey, February 2021 – July 2021 (n = 31,903) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution (MFI) with 6% of market share according to RFi XPRT Survey, February 2021 – July 2021 (n= 31,903). MFI is defined as the bank that the consumer says is their main financial institution.