Australian university goes green in world first
While many universities have embraced the green movement over the past few years, Monash University has taken its commitment to a new level.
In December 2016, the university became the first higher education institution in the world to issue a ‘climate bond’. A climate bond is simply a type of loan with the requirement that the funds must be spent on projects that achieve measurable sustainability outcomes in line with the global Net Zero Emissions by 2050 target.
The AU$218 million raised by Monash will be used to fund a range of specific climate change programs and assets, across its global campuses. These include a major new learning and teaching building targeting 5-Star Green Star Certification, Caulfield campus library redevelopment, solar panel installation and external energy-efficient LED lighting.
The President and Vice-Chancellor of Monash University, Professor Margaret Gardner AO said “as a truly international university, Monash has a responsibility to provide strong and visionary leadership on sustainable development. We want our campus network to be exemplars of environmental, social and economic best practice.”
The funds will support the university’s transition to net zero emissions, with Monash on track to reach its new environmental, social, and governance policy targets. With Monash recognised as an international pacesetter in the area of green finance, it is hoped other universities will follow in their footsteps.