Teesside plastic recycling business certified for £200m climate bond
Teesside based plastic recycling business Poseidon Plastics announced it has been awarded pre-issuance certification for the company’s proposed Green Bonds under the Global Climate Bonds Standard.
Poseidon intends to launch up to £200m of Certified Climate Bonds, with proceeds initially being used to fund the design and construction of a continuous demonstrator facility and Poseidon’s first integrated 75,000 tonne per annum commercial erPET facility in the Northeast of England.
The first commercial facility will act as a blueprint for Poseidon’s global expansion with multiple locations planned in the European Union and the United States to meet the Company’s target of one million tonnes of recycled erPET by 2027.
The Global Climate Bonds Standard is an overarching science-based, multi-sector standard overseen by the Climate Bonds Standards Board that allows investors and intermediaries to assess the climate credentials and environmental integrity of bonds and other green debt products.
The Bonds themselves, when launched, will help to meet demand for environmentally and socially focused projects and assets, with the Climate Bonds Initiative’s market data estimating that green, social and sustainability bonds worth over $1.45tn have been issued since 2006, with $360bn issued this year alone.
Lasse Wagene, CEO of Poseidon Plastics, commented: “We are delighted to have received pre-issuance certification and are looking forward to launching our firstGreen Bond in the coming months. We have enjoyed working closely with the CBI and share their vision of mobilising the global bond market for the promotion of a climate resilient economy.”
“As the eyes of the world turn towards Glasgow for COP26, demand for high-quality, sustainable debt instruments remains significant. It is only through the growing partnership of capital markets with innovative green businesses like Poseidon that the world’s economies can meet their essential climate targets.”
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