We wanted to share a quick update from Green Century’s progressive work with Green Bonds within their funds. Blue Summit utilizes the Green Century Balanced Fund in our Fossil Fuel Free models. Green Century is the only mutual fund company in the world that is owned by environmental non-profits. since 2010 to work in the commercial sockeye salmon fishery.
A green bond recently purchased by the Green Century Balanced Fund is helping expand renewable energy–and electricity–in Kenya.
The bond, issued by the Overseas Private Investment Corporation* (OPIC), will help finance the ownership and operation of what will be the second largest wind farm in Kenya. Once operational, the Kipeto wind farm will supply 100 megawatts (MW) of renewable energy to Kenya’s national grid. That’s the equivalent of providing power to approximately 40,000 homes in the region. It is anticipated that more than 400 job opportunities will be created during the construction phase of the project and an additional 70 permanent jobs during the operational phase.
The Kipeto wind farm will do more than generate renewable energy, however. It also will help the Kenyan government achieve its goal of providing access to electricity to 100% of its citizens by 2022.Currently, green and sustainable bonds constitute more than half of the Balanced Fund’s fixed-income holdings.
Supporting clean tech bonds is just one example of how your investments with Blue Summit are moving the needle towards a more sustainable world economy.