The European Investment Bank has issued its third green bond taking the cumulative value of its green bond issuance to €10 billion.
The European Investment Bank (EIB) recently completed a fresh round of funding raising through a €600 million green bond issue. The bond was the third issuance in the Climate Awareness Bond series, with the last two bonds in the series raising a total of €4.25 billion.
The CAB series of green bonds include the largest issue in the world (€3 billion) and the longest outstanding issue (€1.5 billion) with maturity in 2026.
The new issue has been awarded a Sustainability Bond Rating of ‘B+’ from oekom, one of the leading ESG rating agencies worldwide. This is the highest rating so far assigned by this agency to any Green Bond.
EIB has been a pioneering financial institution with regards to the issuance of green bonds. The Bank issued its first green bond in 2007, and has since issued green bonds worth €10 billion. Proceeds from these funds have been invested in renewable energy projects with all technologies and energy efficiency projects including district heating, cogeneration, building insulation, energy loss reduction in transmission and distribution, and equipment replacement with significant energy efficiency improvements.