October 19 (Renewables Now) - Philippine-based China Banking Corp (PSE:CHIB) has pocketed USD 150 million (EUR 130.9m) in its maiden green bond placing, in which the International Finance Corp (IFC) is the sole investor.
The Philippine lender, also known as China Bank, will use the funds to support projects addressing climate change issues, it said on Friday. Such projects will involve renewable energy generation, green buildings, energy efficiency and water conservation.
The issuance in line with China Bank’s sustainability goals, will increase its climate portfolio to over USD 200 million, said the lender, which is the first privately-owned commercial bank in the Asian country.
The Philippine government aims to lower the country’s carbon dioxide (CO2) emissions by 70% by 2030. The first green bond in the country, worth USD 90 million and denominated in Philippine pesos, was issued this summer by the IFC in support of the local capital market and renewables, in particular geothermal power.
In a separate press release, the IFC said its participation in green bond offerings in the fiscal year through June 30, 2018 has backed 52 projects, which will lower CO2 emissions by 6.3 million tonnes annually. IFC’s green bond issuance in the fiscal year totals USD 1.8 billion.
(USD 1.0 = EUR 0.873)