Pakistan to Debut Green Bonds Next Week
Pakistan is planning to issue its debut green bonds next week to raise $500 million.
This bonds sale will potentially set the stage for Pakistan’s more similar instruments to finance its hydroelectric projects.
The Water and Power Development Authority (WAPDA) will issue the green bonds and will constitute a 10-year note this month; as stated by the WAPDA Chairman, Muzammil Hussain.
He added that the WAPDA also plans to offer more environmentally-friendly debt over the next two years.
For instance, green debt for environment-friendly projects is gaining popularity across the globe. Pakistan hopes to tap into this expanding investor demand globally; as it aims to increase renewable and hydroelectric generation in the total energy mix.
Pakistan is planning to have these energy development sources as 60 percent contributors to the total electricity production by 2030.
According to Hussain, the funds from the proposed dollar bond will be used to fund the Diamer Basha and Mohmand dams.
“We are taking a lead against fossil fuel,” he said.
I am a freelance writer studying Mass Communication at the University of Karachi in the faculty of Media sciences. Also certified from Hubspot Academy as a Content Marketer.
