Bank of China issues $3bn in green bonds

The Financial Times reports Bank of China has sold $3.03bn in new green bonds, the largest international issuance of its kind, as the country’s environmental woes help drive global sales of such debt. The issuance was the first to be made in three currencies — a $2.25bn tranche, a 500m euro tranche and a one issued in New York totaling 1.5bn in offshore renminbi. It was also the first green bond offering from Asia to be made in Europe. The proceeds from green bonds must be used for approved projects deemed environmentally sound. But the sale has also shown that China’s financial institutions were gearing up to meet the financing demands of large-scale environmental projects in the country. In recent years, China has faced some of the world’s worst pollution.