Fund Solutions

RBS Green Loan Finances Fidelity Climate Impact Fund

RBS International has supported Fidelity International’s inaugural European Real Estate Climate Impact Fund with a €200 million green loan revolving subscription facility. Launched in October last year, the fund is Fidelity’s first Article 9 climate impact vehicle and seeks to reduce carbon emissions through refurbishing commercial real estate in Europe, aiming for buildings to operate without carbon emissions. The revolving subscription credit facility provided by RBS has enabled the acquisition of a City of London property, which will be fully refurbished in line with net zero carbon targets to create a fit-for-purpose office building. The facility is structured under a Green Loan Framework, which provides the fund with beneficial pricing to support sustainable investment activity. Investments made by the vehicle must meet agreed eligibility criteria in line with the EU Taxonomy, the Sustainable Finance Disclosure Regulation, and the Loan Market Association Green Loan Principles. “We are delighted to have successfully partnered with Fidelity on this strategically important fund in addressing and tackling the current climate challenge,” said Stefan Szczurowski, Senior Director at RBS International. “With 40% of total carbon emissions in the developed world coming from real estate, and over 80% of Europe’s commercial buildings requiring renovation to meet climate targets, the strategy helps to tackle the global challenge of reducing emissions.” Fidelity also said the aims of its fund aligned closely with the climate purpose and sustainability objectives of RBS – part of the NatWest Group – such as halving the climate impact of financing activity by 2030, or achieving a net zero operational value chain footprint by 2050.

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