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Pilot Program: NABERS Sustainable Finance Criteria
21 February 2022
NABERS is excited to be launching a pilot program to test our new NABERS Sustainable Finance Criteria.
Over the past 2 years, NABERS has been working with industry to develop a Sustainable Finance Criteria to help banks, non-bank lenders and investors understand how to structure a sustainable finance transaction using a NABERS rating.
The Criteria simplifies the sustainable finance process by helping lenders and borrowers identify how NABERS ratings can be used to demonstrate significant environmental impact. This Criteria uses NABERS data, which captures a substantial amount of Australian commercial buildings, to help identify buildings or portfolios that could qualify for green finance.
NABERS has engaged with key stakeholders throughout the development of this Criteria and aspects of the Criteria have already been tested. This pilot project seeks to understand how the Criteria works in practice so that it can be adapted to meet user needs prior to public release.
NABERS Sustainable Finance Criteria
The Criteria is based on two methods to demonstrate eligibility:
Method 1 – Building upgrades that will result in a minimum 30% emissions reduction over a maximum 5-year period. Under this method, buildings must target a minimum NABERS star rating of 4 stars or above.
Method 2 – Low carbon building whereby a building is considered low carbon and eligible if they are performing in the top 15% of a sector at the time of issuance or, in the case of new builds, a property owner/manager signs a NABERS Commitment Agreement to meet or exceed the rating that represents the top 15%.
These two methods are initial iterations of the Sustainable Finance Criteria and NABERS plans to expand on these methods in response to market need.
For further details on the two methods, please see the PDF attached below.
By participating in the pilot, stakeholders will have the opportunity to be one of the first companies in Australia to enter into a sustainable finance agreement using NABERS ratings. Participating companies will also work closely with NABERS to provide feedback on how the Criteria can be improved.
To be eligible for the pilot, participants must meet the requirements for either Method 1 or Method 2 of the NABERS Sustainable Finance Criteria.
Our objective is to select a diverse range of participants to enable effective testing of the Criteria. As such, NABERS will prioritise stakeholders who represent the following target groups:
At least one example from Method 1 and Method 2
A large bank in Australia
A non-bank lender
A range of asset types
Small to medium asset management companies
How to apply
To submit an application for the pilot, please send an email to the NABERS inbox (nabers [at] environment.nsw.gov.au) outlining your interest in participating in the pilot program and stating your eligibility. NABERS will contact you with additional information and next steps.
Applications for the pilot program have been extended. Register your interest by Friday 18 March 2022.
There is no fee for participation in the pilot program.
If accepted onto the pilot, participants will have the opportunity to work closely with NABERS to provide updates, feedback and personal experiences on using the Criteria.
Participants who successfully issue a transaction will be eligible for case studies that will be published on the NABERS website. Interviews will occur in May 2022 by NABERS or a designated consultant.