ASN Bank, the oldest sustainable bank of the Netherlands, has announced that starting from 30 June, 2016 it will be investing USD 25 m in a note issued by the Global Climate Partnership Fund (GCPF).
The Global Climate Partnership Fund, aiming at mitigating climate change through targeted investments in developing countries, was set up in 2009 as a public-private-partnership. While public investors have created the foundation for the fund, the objective is to leverage the share classes held by public entities with private funding, notably through the issuing of notes.
ASN Bank, a fully-owned subsidiary of Dutch retail bank SNS Bank, is the second private institution to join the ranks of GCPF investors. The first private investment was made in 2012 when a USD 30 m note was acquired by a German pension fund. The addition of another USD 25 m note brings the total invested capital of the fund up to USD 392 m.
Speaking on behalf of ASN Bank, Jort Bakker, head of department sustainable financing, said: “‘With the note issued by GCPF, we have found an investment opportunity which constitutes an interesting alternative to other asset classes in the current low interest rate environment. At the same time, and more importantly, it is also an investment which aims at reducing CO2 emissions and fighting climate change, an idea that perfectly fits into the DNA of ASN bank. We are the first bank in the world that aims to be climate neutral by 2030. This means that our assets and liabilities taken together should result in zero CO2 emissions. This investment helps us to reach that goal.”
Antoine Prédour, Head GCPF at the fund manager responsAbility Investments AG, added: “It’s a great sign for the industry that a pioneer like ASN bank is becoming a strong partner in CO2 reduction investments. We have been very active in ensuring that the Fund’s financing reaches eligible projects across the globe. The further improved funding base will allow us to pursue these activities on an even larger scale.”
About ASN Bank
Since 1960, ASN Bank is committed to a fair and sustainable society. In all its activities, it takes into account vulnerable communities, the climate, nature and the needs of future generations. Its clients can pay and save at ASN Bank, invest in ASN Investment Funds and have their wealth managed. The bank also provides funding for projects and to organisations that have a fit with its sustainability mission.
Ruud Stevens, ASN Bank, phone +31 6 10963432
Global Climate Partnership Fund S.A., SICAV-SIF
14, Boulevard Royal