China's first forest carbon sink bonds issued

Aerial photo taken on July 20, 2021 shows a view of forest area in Shangyang Village of Taihuyuan Township in Hangzhou, capital of east China's Zhejiang Province. (Xinhua/Xu Yu)

BEIJING, Sept. 23 (Xinhua) -- The Agricultural Development Bank of China (ADBC) launched the country's first carbon-neutral bonds for forest carbon sinks on Thursday.

The 2-year bonds, worth 3.6 billion yuan (about 556 million U.S. dollars), will be used to finance forest carbon sink projects including afforestation and reforestation.

Greater financial support will be provided to promote the green development of agriculture, and efforts made to channel funds to the sector, the ADBC said.

To date, the bank has floated 75.62 billion yuan of yuan-denominated green bonds.