Abu Dhabi Commercial Bank (ADCB) has announced that it has successfully priced its inaugural green bond, which will be issued on September 14, 2022.
The five-year bond, will raise $500 million to support the financing of low-carbon initiatives, ADCB said in a statement, adding “the bond was 3.8 times oversubscribed after attracting a range of local, regional, and international investors that placed total orders of over $1.9 billion.”
The bond, follows a global roadshow and reflects confidence in ADCB and its approach to managing ESG risks and opportunities, the bank said.
“The successful pricing of the first ADCB green bond is a significant milestone in the bank’s implementation of international best practice in ESG,” ADCB’s group chief executive Alaa Eraiqat said.
Eraiqat said the bank’s adoption of a green bond framework was done to provide “a long-term platform to support further mobilisation of capital for green projects,” adding future collaborations with clients and other stakeholders will help “advance in our shared ambition for a net-zero future.”
Initiatives eligible for ADCB’s green loans include projects or companies associated with renewable energy, green buildings, sustainable water and wastewater treatment, clean transportation, energy efficiency, pollution prevention and control.
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