The Bank for International Settlements (BIS) is launching a new fund that will enable central banks to finance the fight against climate change in the Asia-Pacific region.
The new BIS Asian Green Bond Fund, which will launch in early 2022, is designed to help channel central bank reserves to green projects in the region.
“In consultation with global central banks, the fund will be designed to provide a pipeline for central banks to invest in high-quality bonds issued by sovereigns, supranationals and corporates that comply with strict international green standards,” the BIS said.
“This initiative […] represents a concrete contribution in our collective efforts to combat climate change in the Asia-Pacific, a region that not only has the largest need for green infrastructure investments, but also is among the most vulnerable if actions to combat climate change are not taken urgently,” said Agustín Carstens, general manager of the BIS, in a release.