Switzerland to issue first green bond in autumn

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August 17 (Renewables Now) - Switzerland is preparing to issue its first green bond this autumn after the Federal Council approved on Wednesday a framework that sets the basis for such transactions.

The Alpine country plans to issue notes worth several hundred million Swiss francs per year, the federal government said in a statement on Wednesday.

The proceeds from the green Confederation bonds will be allocated only to projects with a positive environmental impact such as the promotion of public transport, the preservation of biodiversity or the construction of environmentally friendly buildings.

The framework, adopted by the Federal Council, is based it on the Green Bond Principles (GBP) of the International Capital Market Association which are considered the international market standard.

With its debut on the green bond market, Switzerland aims to strengthen its position as a financial centre in the area of ​​sustainable financial services and encourage private sector players to issue green bonds.

The Federal Council has identified green spending of around CHF 4.5 billion (USD 4.73bn/EUR 4.67bn) mainly in the areas of public transport, biodiversity, international cooperation and research.

Details about the first green bond issue are yet to be disclosed.

(CHF 1 = USD 1.053/EUR 1.039)

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