Understanding Australian Infrastructure Carbon Reduction Initiative 2 Understanding Australian Infrastructure Carbon Red | Page 9

green bond use of proceeds as of 30th June 2019. Since then, the Queensland government investment
arm QIC has issued an AUD300m Certified Climate Bond.
The five largest green bond transactions to date have been led by New South Wales TCorp AUD1.8bn
(USD1.313bn), Queensland Treasury Corporation AUD1.25bn (USD892m), NAB EUR750m (AUD1.2bn) and
Macquarie Group GBP500m (AUD883m).
On a cumulative basis, low carbon buildings dominate green bond allocations with approximately 43%
share of use of proceeds. Energy follows with 25%, low carbon transport at 24%, water at 6% and waste
at 2%. Green bonds are yet to be issued for other industry sectors including land use and ICT.
Australia’s major banks have all issued green bonds sized at AUD500m or more, supported new issuers
coming to market and the sector has achieved a series of world firsts that include a green note backed by
a portfolio of loans, securitisations and green deposit products.
Low carbon buildings have been financed using green RMBS tranches and green loans. NAB subsidiary
UBank & Westpac have both launched Certified green deposit products for investors that invest only in
assets and projects that meet Climate Bonds Sector-based criteria, both examples of world firsts.
The Australian market also has one of the highest densities of Climate Bonds Certifications in the world -
an additional indicator of best practice.