Port of Melbourne signs $475 million sustainability loan 

A sustainability-linked loan of $475 million that was funded by a syndicate of ten banks has been completed by PORT of Melbourne. 

The loan is linked to two sustainability indicators that measure the reduction of emissions in Scopes 1 and 2, a mental health first aid workplace certification, and an overall gateway goal that is linked to engaging port stakeholders to help reduce emissions in Scopes 3. 

Port of Melbourne Chief Executive Officer, Saul Cannon said, “As Australia’s largest general cargo and container port, we are committed to facilitating the decarbonisation of the port’s supply chain, decreasing the port’s impact on our land, air and waters and building strong stakeholder relationships.” 

Port of Melbourne recently reported an objective to accomplish net-zero degree 1 and 2 discharges by 2030, through obtaining 100% of its power from renewables, and the jolt of its vehicle fleet and marine study vessel. 

“Linking an element of our financing structure to sustainability embeds our people, our environment and our stakeholders into what we do now and in the future,” said Cannon.

Australia, New Zealand Banking Gathering Restricted, and BNP Paribas went about as Mandated Lead Arrangers and Bookrunners and Sustainability Coordinators on the transaction. 

PoM has recently signed a Memorandum of Understanding (MoU) with industry to investigate the commercial viability of establishing a green methanol bunkering hub. As a result, PoM is already moving forward with a number of initiatives to reduce emissions from scope 3. 

“In addition, we’ve committed to engaging with our tenants, shipping lines and other port users on emission reduction measurement and opportunities,” said Cannon.