Cut Carbon Note Reaches $100 Million Milestone, Driving Sustainable Building Upgrades
TL;DR
Investors gain advantage through Calvert Impact's Cut Carbon Note, a $100 million product financing sustainability upgrades for buildings.
Calvert Impact's Cut Carbon Note funds energy efficiency upgrades for buildings beyond standard requirements, resulting in significant carbon savings and water conservation.
Calvert Impact's Cut Carbon Note program makes a positive impact by promoting renewable energy upgrades that benefit the environment and communities.
Calvert Impact's Cut Carbon Note program doubles its portfolio to $100 million, showcasing rapid growth and innovation in sustainable investments.
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Calvert Impact has completed the third issuance of its Cut Carbon Note, attracting major institutional investors and reaching a significant milestone of over $100 million in total investments. The innovative financial product focuses on financing sustainability upgrades for commercial and multifamily buildings, with a strong emphasis on exceeding standard clean energy requirements.
The investment portfolio demonstrates impressive environmental impact, projected to save over 206,000 metric tonnes of carbon emissions and $69 million in energy costs. Additionally, the projects are expected to conserve approximately 181 million gallons of water over their lifecycle, highlighting the comprehensive approach to sustainability.
Sixty percent of the portfolio's projects surpass traditional Commercial Property Assessed Clean Energy (C-PACE) standards, meeting the new CIRRUS™ Low Carbon Standard developed by PACE Equity and the New Buildings Institute. This approach ensures that the investments create meaningful, additive environmental improvements that would not have occurred through standard financing mechanisms.
While primarily attracting institutional investors like insurance companies and pension funds, the Cut Carbon Note remains accessible to individual investors, with entry points starting at $1,000. Calvert Impact anticipates the program will eventually grow to $400 million and plans to announce future issuances in the coming months.
The innovative nature of the Cut Carbon Note was recently recognized when it won the 2024 Grunin Prize for Law and Social Entrepreneurship, acknowledging its potential for impact, innovation, and scalability in sustainable investment.
Curated from 24-7 Press Release
