LGFA launched its Climate Action Loan Lending Programme for council and council-controlled organisations (CCO) members on 1st December 2022, and is now pleased to announce that Greater Wellington Regional Council (GWRC) has been approved as the seventh council and CCO borrower to draw down under the programme.
On 21 August 2019, Greater Wellington declared a climate emergency, and has since developed a programme of climate action relating to corporate operations and regional outcomes.
Greater Wellington’s Executive Leadership Team signed off its Organisational Emissions Management and Reduction Plan on 13 May 2024, which includes following targets for its organisational GHG emissions, previously approved by Councillors. Each target is relative to the Council’s base year period of FY2018/19:
- GWRC has committed to achieve a net reduction in its total emissions (all Scopes/Categories) of 40% in FY2024/25;
- To be ‘carbon neutral’ (net-zero total emissions) from FY2029/30;
- To be ‘climate positive’ (net emissions reduced by more than 100% from FY2034/35:
- Achieve a 25% reduction in gross Scope 1 & 2 (Category 1 & 2) GHG emissions in FY2024/25;
- Achieve a 50% reduction in gross Scope 1 & 2 (Category 1 & 2) GHG emissions in FY2029/30;
- Achieve a 65% reduction in gross Scope 1 & 2 (Category 1 & 2) GHG emissions in FY2034/35.
CALs are target (or incentive) based lending structures designed to incentivise borrowers to act on climate change and reduce greenhouse gas emissions. A CAL rewards a borrower through a margin discount if that borrower has adopted an Emission Reduction Plan (ERP) which sets out specific Emissions Reduction Targets (ERT). Both the ERP and ERT relate to a borrower’s operational greenhouse gas emissions at council or CCO level. CALs are targeted to all borrowers, including those who may not have eligible projects to access GSS loans.
As at 14th June 2024, NZ$2.747 billion of CALs Loans, and NZ$377 million of Green, Social and Sustainability loans have been approved by LGFA, for a combined NZ$3.124 billion of sustainable loans.
