Swedish property company Fabege has unveiled a new framework for green financing, as part of a strategic plan to create a green finance standard to be used across its sources of funding.
The Stockholm-headquartered firm said that its objective was for 100% of its financing to be classified as green.
'We have ambitious aims for our sustainability work, much of which is an integral part of our operating activities,' said Åsa Lind (pictured), head of treasury at Fabege.
'It’s very pleasing to now be establishing a new framework that contributes to expanding our green financing platform, enabling us and finance providers to contribute to more sustainable development,' Lind added.
Fabege said that the framework would also extend to its medium term note (MTN) programme, which is being increased from SEK 8 bn (€750 mln) to SEK 10 bn. The programme will continue to exclusively issue green bonds.
Furthermore, the firm's commercial paper programme will be linked to the green framework, alongside its back-up facility.
The framework has been designed to give Fabege broad opportunities for green financing and is based on third party certified properties and ambitious energy consumption targets, the company said.
Independent body Cicero, a global provider of 'second opinions' on green bonds, has valued the framework as ‘medium green’ for the green terms and conditions and ‘excellent’ for governance.