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BIS launches new fund to nurture Asia green bond market -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Tower of Headquarters of Bank for International Settlements is seen in Basel (Switzerland), March 18th, 2021. REUTERS/Arnd Wiegmann

By Leika Kihara

TOKYO (Reuters), The Bank for International Settlements announced Thursday that in early 2022 a new fund would be launched to channel global central banks’ reserves towards green projects in Asia Pacific.

According to the BIS, this fund is called Asian Green Bond Fund and will allow central banks to purchase bonds from corporates or sovereigns who comply with international green standards.

The statement stated that the fund would work closely with ADB (Asian Development Bank) as well other financial institutions and issuers.

Two other Green Bond Funds have been launched by the Bank of Japan in recent years. This demonstrates the increased support given to climate change mitigation efforts by central banks.

In July, the Bank of Japan made a symbolic decision to buy green bonds with its foreign reserves. This was primarily to increase awareness about green finance.

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