Abu Dhabi Commercial Bank (ADCB) has priced a $650 million green bond to finance eligible green assets, to support the UAE’s net zero by 2050 transition. 

The bond, which will mature in 2029, was nearly three times oversubscribed, according to a statement to Abu Dhabi Securities Exchange (ADX) today.

The bank issued its inaugural $500 green bond in September 2022 and has committed to provide AED 35 billion ($9.5 billion) in green financing by 2030.

Its eligible green loan portfolio had year-on-year growth of 61% at June 30 2023, reaching $1.65 billion.

(Writing by Imogen Lillywhite; editing by Seban Scaria)