Abu Dhabi-based energy company, Masdar, launched a US$750 million (£581 million) green bond to raise money for sustainability projects.

Net proceeds from this bond will be used to invest in renewable energy projects, including wind, solar, renewable power transmission and distribution infrastructure and battery storage assets.

Many of these projects will be set up in developing economies and climate-vulnerable countries that have a critical need for investment.

This bond is the first part of a programme to raise up to US$3 billion (£2.3bn) of green bonds.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “It is vital to make finance more available, accessible and affordable for developing economies if we have any chance of meeting climate goals to supercharge sustainable development.

“Ahead of the UAE hosting the UN climate change conference, COP28, we must champion initiatives that advance climate finance and decarbonisation.”