The Industrial and Commercial Bank of China (ICBC) listed four green bonds worth USD 2.2 bn in total on Nasdaq Dubai yesterday, according to a Wam statement. Proceeds from the bonds will be used “to fund green financing in different jurisdictions and operations,” the statement added, without giving further details. The bonds are denominated in USD, CNH (CNY traded in the offshore market) and AUD. They have tenors of two and three years and were issued by ICBC’s branches in Dubai, Hong Kong, Singapore, and Sydney, the statement noted.

Another boost for green debt listed in the UAE: This new listing ups the value of green and suitability-linked debt issuances listed on Nasdaq to USD 21 bn, the statement noted. ICBC has a total of USD 4.88 bn in green bonds listed in the UAE, ICDB Dubai (DIFC) General Manager Luo Wei noted in the statement.

And for the China-UAE climate relationship: The green bond listing is an indication of the commitment by Chinese businesses to MENA’s green economy, China’s UAE Ambassador Zhang Yiming noted in the statement. We may expect further listings in the future, he said, adding his hope that this would continue to strengthen China-UAE cooperation on ESG issues.