SINGAPORE (THE BUSINESS TIMES) - Sovereign wealth fund GIC has obtained a A$295 million (S$284.7 million) green loan from DBS Bank to refinance Chifley Tower Sydney in Australia.

The facility is DBS' first Australian dollar-denominated green loan and is also one of the largest green loans extended by a Singapore lender in the Australia market, DBS said on Wednesday (June 22).

The move comes as Chifley Tower Sydney attains a Green Star certification by the Green Building Council of Australia as well as a 5.5-Star Nabers energy rating.

The Green Star certification is an internationally recognised rating system for “healthy, resilient, positive buildings and places”. Meanwhile, Nabers is a national rating system measuring the environmental performance of Australian buildings and tenancies.

In 2021, DBS committed $20.5 billion in sustainable financing transactions. This brings the bank's cumulative efforts in this space to $39.4 billion, or close to 80 per cent of its $50 billion sustainable financing target by 2024.