Council one of the first to invest in Green Tailored Deposit

Green deposit bonds. Image: Down to Earth org

Central Coast Council has been announced as one of the first investors in the world’s first Green Tailored Deposit to be certified by the internationally recognised Climate Bonds Initiative (CBI).

The Green Tailored Deposit, launched by Westpac on November 26, is a medium to long term investment product (one to five years) designed for investors who want or need investments that genuinely contribute to delivering a low carbon and climate resilient economy. All deposits are associated with a defined pool of eligible assets or projects which meet the strict CBI criteria, which can include renewable energy, low carbon transport, low carbon buildings and water infrastructure.

Central Coast Mayor, Jane Smith, said: “By investing in Green Bonds, Council is directly contributing to funding sustainable initiatives like renewable energy projects and innovations in waste management providing real and lasting benefit to the broader community. “Council is committed to leading the way in addressing the impacts of climate change and green investments are an innovative and tangible way we are delivering on that promise to our community,” she said.

Green bonds were created to fund projects that have a positive environment social and/or climate benefit, including but not limited to renewable energy (solar, wind and hydro), carbon reduction, commercial property energy efficiency improvements, asset finance for low emission passenger and commercial vehicles and community housing.

Source: Media release, Nov 27 Central Coast Council media