November 3, 2016
Ahead of the 22nd Conference of the Parties to the United Nations Framework Convention on Climate Change (COP22) meetings in Marrakesh, Morocco next week, the World Bank’s International Bank for Reconstruction and Development, has raised US $500 million with World Bank green bonds which will support the global climate financing effort.
The announcement comes a day shy of when the implementation of the December 2015 Paris Climate Agreement will enter into force tomorrow and ahead of next’s week meetings where leaders will once again gather to reflect on the progress made since last year.
The latest issued bonds is a part of the Bank’s ongoing effort since it launched its first green bond launched in 2008 to facilitate climate change financing from the private sector that will support environmental friendly solutions that can reverse or halt the effects of climate change.
Green bonds gives investors an opportunity to support environmental solutions while benefiting from the triple-A credit strength of the World Bank.
The latest green bonds majority were purchased by Maryland State Treasurer’s Office– for a $250 million deal. Blackrock and PIMCO picked up the remaining $250 million.
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