Abu Dhabi Commercial Bank (ADCB) has issued a US$650 million green bond to finance sustainable initiatives.

The bond was oversubscribed by 2.9 times, attracting interest from various investors. This strong demand demonstrates the market's trust in ADCB's creditworthiness and its commitment to sustainability.

The bond proceeds will be used to finance eligible green assets, such as renewable energy projects, green buildings, and sustainable transportation. This will help ADCB achieve its goal of providing AED 35 billion in green finance by 2030.

ADCB's CEO, Ala'a Eraiqat, said the bond issuance is a "significant development" in the bank's climate strategy. He added that ADCB is "committed to driving positive change" and that the bond issuance is "a strong endorsement" of its efforts.

Robbert Muller, ADCB's Group Treasurer, said that the bank is "very pleased" with the pricing achieved for the bond. He added that the strong demand from investors is "a reflection of confidence in ADCB's credit quality and its approach to managing ESG risks and opportunities."

The issuance of the green bond is a positive step for ADCB and the UAE. It demonstrates the bank's commitment to sustainability and willingness to invest in projects that will help protect the environment.

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Source: WAM