China Banking Corp., which is part of the SM Group, raised $150 million through the issuance of its first green bond with the World Bank’s IFC being its sole investor.
The deal supports the continuing development of the nascent green bond market in the Philippines and the government’s target of reducing carbon emissions by 70 percent by 2030.
“The $150-million bond proceeds will be used to finance climate-smart projects, including renewable energy, green buildings, energy efficiency and water conservation, in accordance with the Green Bond Principles,” China Bank said on Friday.
This green bond will bring up China Bank’s climate portfolio to over $200 million (about P11 billion), making it one of the market leaders for climate-smart financing in the country and one of a few banks that have established a clear sustainability strategy.
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“This bond affirms our long-term commitment to sustainability. We are glad to partner with IFC on our first green bond issuance to step up our green lending activities and further contribute to a sustainable economy,” said China Bank President William Whang said in a statement on Friday.
IFC is one of the world’s largest financiers of climate-smart projects for developing countries.
