Green financing linked to sustainability projects in the Middle East and North Africa region increased by 38 percent; and reached $6.4bn in the first half of 2021, according to a report published by Bloomberg.
The report attributed the increase to the Red Sea Development Company (TRSDC)’s receiving a green loan; of a value of $3.8bn.
The First Abu Dhabi Bank took the lead by issuing Yuan-pegged green bonds; with a value of CNY150mn in June 2021.
In March 2021, the TRSDC secured a green loan of 14.12bn Saudi riyals ($3.76bn).
“As the global ESG [environment social and governance] market may represent a third of global AUMs [assets under management] by 2025, ESG debt issuance has surpassed $3tn with record speed in May 2021,” said Adeline Diab, Bloomberg’s head of ESG and Thematic Investing for Emea and Apac regions.
Global green and sustainability-linked debt issuance volumes stood at approximately $541bn in the first six months of 2021.