Jac McCluskey
Theme
Transport Policy and EconomicsProject
A green bond for the finance of low-carbon bus operationsSupervisor(s)
Dr Charles Larkin, Dr Winifred HuangBio
Jac graduated from the University of Bath with a first class degree in Economics. Prior to joining AAPS, Jac worked as an intern research economist for the Institute for Policy Research (IPR) to help determine the feasibility of operating low-emission buses in Dublin. Moreover, during his time as leader of the sustainable transport Vertically Integrated Project (VIP), Jac helped to produce an "E-Scooter Impact Report" for B&NES Council. The policy proposals derived from this research were later discussed in a meeting with local policy makers.
Fun Facts
- I played for Brighton's community team in a Dutch football tournament
- There are more than 5 films which I have watched over 20 times
- I won a chilli eating competition at a university curry club social
- If you see me at Karaoke, I will be singing "Escape" (AKA the pina colada song)
- I was named after my great uncle Jackie - a Jesuit priest who worked as a teacher in Ghana
A green bond for the finance of low-carbon bus operations
Jac's PhD research will deliver a green bond designed to finance low-carbon bus operations. This document will provide asset specifications (e.g., issue price, face value, coupon rate, and an expected credit rating), and evidence of alignment to the ICMA green bond principles and UK taxonomy. To achieve this aim, we will investigate the extra cost and default risk associated with fully electrified fleets. By looking at costs from a fleet perspective, we include the monetary impact of electric vehicle range and charging requirements on vehicle scheduling.
- Issue price: Price of the green bond
- Face value: Payment from the issuer to the bond holder at maturity
- Coupon rate: The % of face value received periodically (similar to an interest rate)
- Credit rating: Rating that describes the risk to the bond holder that they will not receive the agreed upon payments
- ICMA: International Capital Markets Association
- Green bond principles: Use of Proceeds, Process for Project Evaluation and Selection, Management of Proceeds, Reporting
- UK taxonomy: UK government's categorisation of which activities align to the UK's carbon budget
- Probability of default model: Model which estimates the probability that the issuer does not meet their debt obligations
- Real options: The ability to change strategy when new information becomes available
- Operational complexities: Electric bus vehicle scheduling has to allow time for charging. The moving of buses in and out of service affects crew scheduling.
