Banque Centrale Populaire (BCP) today launched a €100m green bond at COP 22 in Marrakesh, the proceeds of which will be used to refinance its investments in selected renewable energy projects in Morocco.
BCP enlisted UK Green Investment Bank plc (GIB) to produce a Green Impact Report on the projects to be refinanced by the BCP bond. The report outlines GIB’s assessment of the greenhouse gas emissions, air pollutant emissions and fossil fuel consumption expected to be avoided by those projects.
The report concludes that the projects will have a positive green impact. It further notes that the bond will contribute to environmental sustainability objectives that are the cornerstone requirement of the Green Bond Principles, as defined and promoted by the International Capital Market Association.
The findings of the report are based on the methods that GIB has developed to assess the green impact of its own investments. It is the first time that GIB has applied this approach to projects financed by third parties or the review of a green bond.
GIB is now discussing the commercial application of its green impact reporting methodology with other market participants.
Gavin Templeton, Head of Sustainable Finance, GIB, said:
Investment in green infrastructure is growing, but the market has lacked a standard, credible and transparent method of measuring just how green investments are. We believe that our unique approach to green impact reporting, a method that’s been developed over four years of investing exclusively in low-carbon infrastructure projects, can help fill that gap.
Si Mohammed Hajjam, Head of Project Finance, BCP, said:
This green bond, in line with BCP’s strategic plan, illustrates our continuous endeavours to promote sustainable and environmentally friendly projects through the financing of eligible investment.
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Notes to editors
About UK Green Investment Bank
UK Green Investment Bank plc (GIB) was launched in November 2012. With initial funding from the UK Government, it is the first bank of its kind in the world. It is a “for profit” bank, whose mission is to accelerate the UK’s transition to a greener economy, and to create an enduring institution, operating independently of Government.
GIB is wholly owned by HM Government. The Company is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. A wholly owned subsidiary UK Green Investment Bank Financial Services Limited, is authorised and regulated by the Financial Conduct Authority.
About Banque Centrale Populaire
Banque Centrale Populaire SA is a Morocco-based bank engaged in the provision of financial products and services. Its portfolio includes accounts, cards, credit facilities, insurances and investment management, among others. Its products are targeted at individuals, professionals and businesses.