Bank Hapoalim became the first Israeli bank this week to be awarded by the Climate Bond Initiative (CBI).
The Climate Bonds Initiative is an international organization working to mobilize global capital for climate action, through the development of the Climate Bonds Standard and Certification Scheme, Policy Engagement and Market Intelligence work.
The CBI has developed labeled green bonds database which is used by traded bond index companies. Every year there is a conference where these prestigious awards are given in several categories related to climate bonds, including large issuers (including countries), groundbreaking issuers, existing linked bonds (SLB), second opinion providers (SPO) and more.
According to CBI, the award, was given to Bank Hapoalim because it was a trailblazer for green bond issuances in Israel. The bonds launched in October 2021 in a $1 billion deal to contribute to the transition to a low carbon economy.
Bank Hapoalim's Green Bond is aligned with the ICMA Green Bond Principles. The bank intends to use an amount equal to the proceeds raised by the bond to finance or refinance projects promoting a green environment, in the areas of renewable energy, green transportation, green buildings, waste management, and energy efficiency.
This Green Bond issuance supports the bank’s ambition to continue to promote financing and investment in green infrastructures.