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.
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.
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