UK and Porto explore opportunities for local Green Bonds

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Local investors, whether businesses or citizens, can, through local authorities, help boost the development of “green” projects to reduce the effects of climate change. The UK embassy and the Porto Energy Agency teamed up to organize a debate around the challenges and opportunities brought by local “green bonds”.

The event, at Porto Innovation Hub, was attended by the Vice-Mayor of the Porto City Council, Filipe Araújo, and the Deputy Head of mission at the British embassy, Ross Matthews.

Included in the ESG category (Environmental, Social and Governance), the “green bonds” serve to finance projects that promote the protection of the environment and, thus, contribute, in a transparent way, to the transition to a green economy.

In line with the objective of carbon neutrality by 2030 advocated by the Porto Climate Pact, the Vice-Mayor of the Porto City Council believes that “this innovative financial instrument may allow the anticipation of some projects to decarbonize the territory and the involvement of local stakeholders”.

“A participatory and innovative financing model for investments in carbon-neutral projects that create a positive impact on the city, such as Local Green Bonds, can open doors to achieving the objectives”, says Filipe Araújo, also responsible for the Environment and Climate Transition.

The “Local Green Bonds – Challenges and Opportunities” has the participation of the Fundo de Apoio Municipal, the Business Council for Sustainable Development, Deloitte, GoParity and the Green Finance Institute, which made known the implementation of this instrument in the United Kingdom and underlined how citizens have, through these titles, the opportunity to participate positively in the objective of carbon neutrality associated with financial profitability.