Green financing linked to sustainability projects in the Middle East and North Africa region increased by 38 percent and reached $6.4 billion 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 $3.8 billion.
The First Abu Dhabi Bank took the lead by issuing Yuan-pegged green bonds with a value of CNY150 million in June 2021.
In March 2021, the TRSDC secured a green loan of 14.12 billion Saudi riyals ($3.76 billion).
"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 $3 trillion 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 $541 billion in the first six months of 2021.