Macquarie University, Australia has achieved a groundbreaking milestone in the pursuit of sustainability by successfully refinancing $450 million of bank facilities. It has established one of the first Sustainability-Linked Loans (SLL) in the country. This pioneering move also marks Macquarie as only the second organization in Australia to include biodiversity among its SLL targets.
The SLL is facilitated by the Commonwealth Bank (CBA), ANZ, HSBC, and the Bank of China. It incentivizes sustainability performance by tying financing costs to predefined social and environmental Key Performance Indicators (KPIs).
KPIs of Macquarie University’s SLL
Notably, Macquarie University’s SLL includes six KPIs, encompassing scope 1 and scope 2 emissions, scope 3 emissions, biodiversity, indigenous cultural safety education, gender equality, and widening participation in STEM for underrepresented groups.
The SLL targets will have a profound impact on the University’s sustainability efforts. Upon reaching these targets, Macquarie University stands to generate over $500,000 in savings over the loan’s life. Moreover, every cent is directed toward supporting scholarships and bursaries for disadvantaged students.
Macquarie’s biodiversity target is focused on the restoration of the critically endangered Turpentine-Ironbark Forest located on campus. With 3.5 hectares dedicated to the forest, the University aims to provide essential habitats for native bird species. The species include the powerful owl and the superb fairy-wren.
Moreover, the success of Macquarie University’s SLL underscores the institution’s long-standing dedication to sustainability. It has also led to significant achievements in recent years. Moreover, the university continues to set a remarkable example for global sustainability efforts with Innovative projects like Living Seawalls etc.
Macquarie University’s groundbreaking SLL and its dedication to driving positive social and environmental outcomes have set a high standard for other organizations. So we conclude our news here, for more exciting news updates, also make sure you contact Leverage Edu to start your study abroad