Thursday 19 November 2015

Barclays to commit £1bn more in green bonds

Barclays is going to invest a further £1 billion in green bonds.

The commitment comes as the bank reached its November 2015 target of £1 billion.

Green bonds are a new financing mechanism aimed at funding projects that have environmental benefits.

The bank claims it represents one of the largest green bond investment commitments by any institution globally.

Citing the Climate Bonds Initiative, it added the green bonds market totalled $36 billion (£24bn) in 2014 and currently stands at $30 billion (£19bn) in 2015.

Tushar Morzaria, Group Finance Director, Barclays, said: “As the green bond market matures this instrument presents an increasingly powerful proposition and one which has the potential to push green projects including renewables forwards at pace.

“We’re pleased to be an early adopter in the fast-growing and exciting area and will continue to support this market through our investments, products and services.”

A record £24 billion worth of green bonds were issued last year, a report claimed.