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Thu 30 Mar 2017 03:33 PM

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UAE banking major raises $587m in green bond debut

National Bank of Abu Dhabi has issued the Gulf region's first green bond for projects to fight climate change

UAE banking major raises $587m in green bond debut

National Bank of Abu Dhabi has issued the Gulf region's first green bond, raising $587 million for projects to fight climate change, the London Stock Exchange (LSE) said on Thursday.

Proceeds from so-called green bonds help to finance projects in renewable energy, energy-efficiency, green transport and waste water treatment.

"London Stock Exchange today welcomes the listing of the first ever green bond from the Gulf region, issued by National Bank of Abu Dhabi," the exchange said in a statement.

"(The bank) is spearheading the potential to unlock and promote green finance across the Middle East region," Darko Hajdukovic, head of fixed income of funds and analytics at London Stock Exchange, said.

The five-year bond is listed on the LSE.

Global green bond issuance could reach $125-150 billion this year as demand for low-carbon infrastructure investment continues, Swedish banking group SEB said on Thursday.

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