Pictured from left are: Robert Scharfe, CEO of the Luxembourg Stock Exchange; Nicolas Mackel, CEO of Luxembourg for Finance; Huang Changqing, China’s ambassador to the grand duchy; and Chen Fei, general manager of ICBC Luxembourg.

The bank, China’s largest, raised $2.15bn climate bonds, the bourse said in a press announcement.

Chen stated in the release:

“Over the years, ICBC has become the largest underwriter of green bonds in China and one of the largest lenders in the green economy. In addition, the bank promotes responsible banking while advancing China’s Belt and Road Initiative. Tapping the international green capital market gives us a new channel to fund projects with environmental benefits.”

The Belt and Road Initiative is a Beijing-backed development programme that invests in transport, energy and other infrastructure to facilitate trade between China and the rest of Asia and Europe.

About 140 green, social and sustainable bonds worth $75bn trade on the bourse’s Luxembourg Green Exchange, which launched in September 2016.