Big state-owned lender Bank of China (BOC) has just issued USD$500 million in green bonds via its Frankfurt branch, following the updating of a key sustainable finance list.
Funds raised by the issue will be used for green projects in multiple countries including China, Germany and the Netherlands.
These projects will cover wind power development, urban transit initiatives, clean bus systems and high-energy efficiency manufacturing installations, and are expected to collectively achieve a direct annual reduction in CO2 emissions of approximately604,100 tonnes.
BOC said that in future it would “continue to exercise its advantages in the area of green finance and work hard to drive international green finance and investment cooperation, in order to provide vigorous financial support to achieving the Paris Accord climate targets.”
The latest green bond issue from BOC arrives following the official updating of a key catalogue for sustainable finance by the Eurozone’s International Platform on Sustainable Finance (IPSF).