China’s biggest bank in terms of assets has just issued a set of carbon neutrality green bonds in the offshore market to raise funds in multiple denominations.
The Industrial and Commercial Bank of China (ICBC) recently issued five offshore carbon neutrality green bonds, raising funds in the US dollar, the Hong Kong dollar, the euro and the offshore renminbi.
The bonds are part of ICBC’s Global Medium-term Notes (GMTN) Programme, and will be tradable on exchanges in Hong Kong, Singapore, London and Dubai.
ICBC said funds raised by the issues will focus on low-carbon initiatives, with an especial focus on green transit and renewable energy projects.
The bank said that the green bond issues were a key part of its efforts to advance China’s carbon mitigation goals of achieving peak carbon by 2030 and carbon neutrality by 2060, as well as to consolidate its leading advantages in the field of green bond issuance.