Royal Bank of Canada (RBC) announced the issuance of its first green bond on Wednesday.

In a release, RBC said proceeds from its €500 million five-year green bond will fund a portfolio of new and existing assets primarily in the renewable energy and green building categories.

Other categories eligible to receive proceeds from the fund include clean transportation, sustainable water and waste water management, and pollution prevention and control.

RBC has underwritten a number of green bonds but had not issued one until now.

“The issuance of green bonds will further diversify our funding sources and satisfy the needs of investors that have green mandates,” David Power, RBC’s vice-president, corporate treasury, said in a statement.