BEIJING — The Industrial and Commercial Bank of China (ICBC), the country’s biggest commercial lender, has issued 10 billion yuan (about 1.5 billion U.S. dollars) of green bonds to support the country’s pursuit of carbon neutrality.

The bonds will raise funds for projects that can effectively reduce carbon emissions, such as wind power, the bank said.

With a three-year maturity, the bonds were issued in the interbank bond market, and the subscription ratio reached 3 times, according to the ICBC.

Projects funded by the bonds are expected to cut carbon emissions by around 3.5 million tonnes annually, the bank said.

Originally published by Xinhua