Monday, October 17, 2022
HomeLatest NewsGovernment plans $500 million green bond to fund hydropower projects

Government plans $500 million green bond to fund hydropower projects

Islamabad: According to a recent news report, the government is planning to issue a $500 million green bond in the next few months to help boost the development of hydroelectric power. The government is investing in renewable energy to ramp up its economic stimulus in the wake of the pandemic. It’s also promised to ban new coal power plants and is looking to plant 10 billion trees.

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The nation’s cities rank among the worst globally for air pollution, according to IQAir. The South Asian nation has a fragile economy that goes through regular boom and bust cycles. It received debt relief during the pandemic, restoring its $6 billion bailout program that it secured from the International Monetary Fund in 2019 to avoid bankruptcy.

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Issuance of green bonds globally is seen surging to $ 375 billion in 2021 by Moody’s Investors Service, after record sales last year. While Europe has led the way, countries from Singapore to Brazil plan to sell their first to tap buoyant investor demand.

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