China’s biggest bank in terms of assets has just announced a mammoth bond issue to help drive efforts to achieve Beijing’s ambitious carbon mitigation targets
On 15 June the Industrial and Commercial Bank of China (ICBC) announced the successful completion of a 10 billion yuan issuance of carbon neutrality green finance bonds.
According to ICBC the move marks the first issuance of carbon neutrality green finance bonds within China. The bonds have a term of three years, and were nearly 3-times oversubscribed by domestic investors.
Funds raised from the issue will primarily be used for green industrial projects to reduce carbon emissions, as well as for clean energy projects including wind power initiatives.
In 2020 Chinese central government set the targets of achieving peak carbon by 2030 and carbon neutrality by 2060