(Bloomberg) -- Singapore introduced a framework for its inaugural green bond offering that it plans in coming months, part of a program to tap markets for as much as S$35 billion ($25.4 billion) of environment-focused financing by 2030.
The borrowing program will include bonds issued by the Singapore government and its statutory boards to finance nationally significant green infrastructure projects in the public sector, the ministry of finance said in a statement outlining the framework.
Proceeds from the bond sales will be spent on areas including renewable energy, energy efficiency, green buildings, clean transportation, sustainable water and wastewater management, according to the statement.
Singaporean Finance Minister Lawrence Wong had announced the borrowing plan in his February budget speech to support the city-state’s transition to a low-carbon economy and boost its development as a environmental finance hub.
Green bond deals by Singaporean issuers have been sluggish this year, dropping 21%, in line with slow sales in the global market as debt rout weighed on issuance in general, Bloomberg-compiled data show.
Read more: Singapore Plans Sovereign Green Bond as Part of $26 Billion Plan
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