In the Philippines, the Asian Development Bank has raised $500 million from its first green bond issue. The effort is aimed at channeling more investor funds to ADB projects that promote low-carbon and climate-resilient economic growth and development in developing Asia. By investor type, 16% of the bonds went to central banks and official institutions, 22% to banks, 61% to fund managers/pension funds/insurance, and 1% to other types of investors.
The proceeds from ADB’s 10-year green bonds, lead managed by BofA Merrill Lynch, Morgan Stanley, and SEB will be used to finance climate change adaptation projects such as those which climate-proof water, energy, transport, or other urban infrastructure. Climate change mitigation projects that could be financed by the bond include renewable energy, energy efficiency or sustainable transport initiatives like rail or bus services.