Under the new green bond framework launched in September 2019, the City raises the ambition and plans to double its annual issuance of green bonds.
Gothenburg: A Sustainable City open to the world
The City of Gothenburg is a municipality on the west coast of Sweden, strategically located between Oslo and Copenhagen. With a population of just over half a million, Gothenburg is Sweden’s second largest city and home to Scandinavia’s largest port and a variety of strong industries.
The City is determined to be one of the world's most progressive cities when it comes to tackling environmental issues and climate change, and has been recognized for this several times over the years. In 2015, Gothenburg was named the National Earth Hour Capital by the World Wildlife Fund (WWF), and in 2016, the City won the United Nation’s climate award Momentum for Change.
In 2019, the City won an award from the Swedish Environmental Protection Agency for its perseverance and long-term perspective related to waste prevention across different sectors of the City.
The updated new framework enabled increased confidence from investors
The City’s first green bond under the new framework was issued in September. The transaction was very well received by investors and driven by two large investors in particular, which participated in the trade due to the new updated green bond framework. The framework was structured by Danske Bank and will enable the City to finance projects helping to achieve their ambitious environmental targets, including a fossil-free local transport system by 2030, and for the City to have a fossil-free vehicle fleet by 2023, at the latest.
Green projects eligible for financing under the framework include Green Buildings, Renewable Energy, Energy Efficiency, Clean transportation, Waste management, Water and wastewater management, Sustainable Land Use & Environmental Management and Climate change adaptation. The City received a Medium Green Shading from CICERO on the framework.