Inner West Council welcomes TCorp green term deposit
Tuesday, 3 September 2019
Inner West Council has joined with TCorp (NSW Treasury Corporation) to pilot a green investment product.
The new Green Term Deposit means Inner West Council now has an additional investment option that allows Inner West Council to be 100 per cent divested from fossil fuels.
Inner West Mayor Darcy Byrne said that he was pleased TCorp had reacted positively to Council’s calls for an investment product that would allow councils to invest sustainably.
“In June Inner West became the first council in New South Wales to be 100 per cent divested from fossil fuels,” he said.
“We are determined to take a national leadership role in sustainability and we want all local governments to be able to follow our lead.
“By working with TCorp on this ‘green’ investment pilot product, we are pioneering a new, more environmentally sound way for councils to do business.”
The Green Term Deposit will be for a maximum term of six months and priced in line with TCorp Tailored Term Deposit.
The Green Term Deposit has been certified as being compliant with the Climate Bonds Standard and will be allocated against eligible green assets selected in accordance with the NSW Sustainability Bond Framework, which underpins the NSW Sustainability Bond Program.
Inner West Council is already one of the greenest in New South Wales:
As well as being 100 per cent divested from fossil fuels, Council’s other initiatives include:
- Switching to solar power – Moree Solar Farm now supplies the equivalent of almost all Council’s daytime electricity needs.
- Moving to energy-efficient street lights – Council and Ausgrid have swapped out almost 50% of the Inner West’s older street lights for LEDs, which are cheaper, longer-lasting and low-carbon
- Solar my School – a new program, based on the foundation work of Randwick, Waverley and Woollahra councils, which will see Council provide direct brokerage and logistical assistance to Inner West schools to install solar on their buildings with the aim of seeing every local school powered by solar.
- Swap and Go coffee cups – Introducing a scheme across Inner West cafes that allows residents to drastically cut the waste produced by disposable coffee cups.
For media enquiries, please contact Kate Walsh on 0421 224 366.