Cadent, the UK’s largest gas distribution network, has today priced and agreed to issue the UK’s first transition bond – a 12-year EUR 500 million bond - to invest in the retrofit of gas distribution networks.

Innovative transition bonds are designed to help issuers shift to greener business activities and decarbonise their operations.

The move by Cadent, which delivers gas to 11 million homes and businesses throughout the North West, West Midlands, East of England and North London, is part of the company’s commitment to help deliver a low-carbon economy.

Cadent will use the proceeds of the bond to replace pipeline to facilitate in the future to carry hydrogen and other low-carbon gases and reduce methane leakage.

This work will help reduce greenhouse gas emissions in line with Cadent’s public commitment to reduce its GHG emissions by 2050.

Steve Hurrell, Cadent’s Chief Financial Officer, said: “Cadent is delighted to be the first UK business to issue a transition bond. This type of financing has an important role to play in fostering the transition to a low-carbon economy.”

Delphine Queniart, Global Head of Sustainable Finance & Solutions, Global Markets at BNP Paribas said, “Transition bonds are a vital tool in supporting the shift towards a low carbon economy, and they create a tangible decarbonisation roadmap for meeting the Paris agreement.  As a bank committed to climate action, BNP Paribas is particularly proud to be working with Cadent in creating their transition bond framework and launching the UK’s first ever and ground-breaking benchmark Transition bond.”



Cadent is the UK’s largest gas distribution network with a 200-year legacy.  We are in a unique position to build on strong foundations whilst encouraging the curiosity to think differently and the courage to embrace change.  Day to day we continue to operate, maintain and innovate the UK’s largest gas network, transporting gas safely and protecting people in an emergency.   Our skilled engineers and specialists remain committed to the communities we serve, working day and night to ensure gas reaches 11 million homes from Cumbria to North London and the Welsh Borders to East Anglia, to keep your energy flowing. 

Future of Gas: Here at Cadent we support the Government’s plans to reach Net Zero by 2050. That means we’re backing the introduction of hydrogen as a low carbon alternative to natural gas for the future. We know people love the controllability of gas and, with our network already in place, it makes sense to switch to the lower carbon alternative offered by hydrogen, which we believe can keep homes and businesses warm for generations to come.

Cadent manages the national gas emergency service free phone line on behalf of the gas industry - 0800 111 999*

Cadent Gas Ltd is owned by a consortium of global investors.

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Media contacts

Stephanie van Rosse

07767 337343