MANILA, Dec 8 (Reuters) - BDO Unibank Inc, the Philippines’ largest bank, said on Friday it has raised $150 million from a green bond sale, the first such issue by a local lender, with International Finance Corp (IFC) as the sole investor.
Proceeds will be used to expand BDO’s financing for climate change projects, including renewable energy, green buildings, and energy-efficient equipment, said a joint statement issued by BDO and IFC.
It was also the first green bond investment by IFC, a member of the World Bank Group.
“The pioneering green bond will provide an alternative source of long-term green finance in the country and contribute to the Philippines’ target of reducing carbon emissions by 70 percent by 2030,” the statement said.
Reporting by Enrico dela Cruz; Editing by Kim Coghill