OUE REIT executes first interest rate swap with carbon credits
The REIT will use the carbon credits received to offset residual emissions.
OUE REIT has executed its first interest rate swap with OCBC, which included high-integrity voluntary carbon credits sourced by OCBC’s Emissions Trading Desk.
The $75m structured derivative transaction enables OUE REIT to hedge against interest rate risk.
Meanwhile, the VCC will support a carbon reduction nature-based project in Southeast Asia, certified by the Verified Carbon Standard Programme.
The interest rate swap with the VCC feature demonstrates OUE REIT’s ongoing efforts to reduce GHG emissions.
OUE REIT aims to achieve a 40% reduction in absolute GHG emissions for its commercial properties by 2030, using FY 2023 as the base year.
The REIT will use the carbon credits received in this transaction to offset its residual emissions.
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