How a Mini Green Bond Helped Gangga Island Resort Become More Sustainable
In December Gangga Island Resort became solar powered. The hybrid solar PV 214kWp and storage 556kWh renewable energy system now contribute to around 92% of the resort's energy and is just part of they are striving towards becoming a zero-carbon emissions resort. The company Right People Renewable Energy (RPRE) has been a massive driving force behind the change over to solar power. If you’re interested in how this partnership came about, read on.
The First Mini Green Bond
A Green Bond is a tax-exempt bond issued by federally qualified organizations or by municipalities. Green Bonds are issued to businesses to help fund environmentally friendly projects to increase their sustainability.
In 2019 RPRE issued a Mini Green Bond of USD $300,000 to Gangga Island Resort & Spa to fund the incredible solar field that is now powering almost the entire resort. In fact, since April 2020 92% of the resort’s energy usage has been supplied by the solar field.
Lack of Green Financing is a huge hurdle for many businesses. Without the funds to implement systems to change over from dirty fossil fuel energy to clean renewable energy, the industry can stagnate. Green Bonds are an excellent way for businesses to be able to make the transition.
Before the solar energy system was installed Gangga Island Resort & Spa relied solely on diesel generators due to the remoteness of the island. Since the installation the resort’s carbon emissions have been cut by a massive 87 tons from November 2019 – June 2020.
Together with our many other sustainability programs, the resort’s carbon footprint is one of the lowest in the region.
This Mini Green Bond, and the solar energy system it funded, has not only had a huge environmental impact, but a social one as well.
15 people from the local community were given project-based employment during the installment of the panels and storage system. They were paid well for their work and 100% of the workers reported that they had gained skills and knowledge that they could use to find future employment.
RPRE and this forward-thinking way of financing green projects have allowed us to make a huge leap forward. Gangga Island Resort & Spa is dedicated to sustainability and social responsibility. Green Bonds can make a huge difference and we’re so glad that we can be part of the change when it comes to sustainability.
Would you like to know more about our sustainable practices and programs at Gangga Island Resort & Spa? Leave us a question or comment in the box below.
Photo Credit: Gangga Island Resort & Spa
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