Port of Melbourne inks $475 million sustainability loan

In a significant development, the Port of Melbourne (PoM) has successfully concluded a sustainability linked loan (SLL) worth a staggering $475 million.

The loan, financed by a syndicate of 10 banks, links to two sustainability indicators covering scope 1 and 2 emissions reduction, and a mental health first aid workplace certification together with an overarching gateway target tied to engagement with port stakeholders to facilitate scope 3 emissions reduction.

As Australia’s largest general cargo and container port, we are committed to facilitating the decarbonisation of the port’s supply chain, minimising the port’s impact on our land, air and waters and building strong stakeholder relationships

… said Chief Executive Officer Saul Cannon

Port of Melbourne recently announced a target to achieve net zero scope 1 and 2 emissions by 2030, through the sourcing 100% of electricity from renewables, and the electrification of its vehicle fleet and marine survey vessel.

Along with a new commitment to mental health first aid training and certification, achieving this net zero ambition is a key plank of the new SLL.

In addition, we’ve committed to engaging with our tenants, shipping lines and other port users on emissions reduction measurement and opportunities

… added Saul Cannon

PoM is already progressing various initiatives to potentially reduce scope 3 emissions, recently signing a Memorandum of Understanding (MoU) with industry to explore the commercial feasibility of establishing a green methanol bunkering hub.

Australia and New Zealand Banking Group Limited and BNP Paribas acted as Mandated Lead Arrangers & Bookrunners and Sustainability Coordinators on the transaction.


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