Dubai welcomes Chinese lender's $1.72 billion green bond listings

Nasdaq Dubai has marked the listing of three green bond issuances totaling $1.72 billion by China's largest lender, in a latest effort to fund environmentally-friendly projects under the Belt and Road Initiative.

Zhang Yiming, Chinese ambassador to the United Arab Emirates, rang Nasdaq Dubai's market opening bell on Thursday to commemorate the multi-currency, carbon-neutrality-themed green bonds issued by Industrial and Commercial Bank of China Limited, or ICBC.

The listings were made under ICBC's USD 20 billion Global Medium Term Note Programme through its branches in Dubai (DIFC), Hong Kong and Singapore. The issuances include $1 billion floating rate notes by the Hong Kong branch, $300 million fixed-rate notes by the Singapore branch, and 3 billion yuan ($420 million) notes by the Dubai (DIFC) branch — all due in 2028.

Green bonds, which raise capital for low-carbon sectors and sustainable projects, are designed to accelerate the global climate transition. Global issuance surged to approximately $700 billion last year, up from just $41 billion a decade ago.

"The successful listing of these green bonds demonstrates China's resolve to support sustainable economic and high-quality development," said Ambassador Zhang. "As Sino-UAE bilateral relations stand at their historical peak, I hope the two nations can further strengthen such cooperation within the Belt and Road framework."

The issuance generated robust market demand from global investors, attracting subscriptions reaching 22 billion yuan, nearly seven times the offering size. Following this listing, ICBC will hold the "three largest" titles on Nasdaq Dubai: The largest Chinese bond issuer, the largest RMB bond issuer and the largest green bond issuer.

"With a cumulative total of $5.6 billion outstanding bonds in the UAE, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally," said Liu Hua, general manager of ICBC Dubai (DIFC) Branch.

With this listing, Nasdaq Dubai's total debt listings have reached $136 billion, which includes $40 billion in bonds and $17 billion in Green Bonds.

Nasdaq Dubai's total debt listings have now reached $136 billion, including $40 billion in bonds and $17 billion in green bonds.

Hamed Ali, CEO of Nasdaq Dubai and DFM, said: "We are pleased to welcome ICBC's latest multi-currency green bond listings, reflecting the strength of our partnership and the growing allure of Dubai's capital markets to international issuers."

The bonds were also issued under a framework released by China's Ministry of Finance in February, which lays the groundwork for offshore sovereign green bond issuances and enables global capital to participate in China's green development.

As the world's second-largest economy, China allocated 4.5 percent of its GDP to energy transition last year, more than double the global average, according to BloombergNEF (BNEF), a research and advisory firm.

A foreign listing supports China's ambition to assume a larger role in global climate diplomacy, a space where the United States' retreat has created opportunities for new collaboration, Bloomberg reported in May. The report noted that only one US dollar green bond from an American firm has debuted in 2025: A $350 million note from Oglethorpe Power in January.

"This is a proactive step by China," Rose Choy, research director for Asia Pacific at the nonprofit Anthropocene Fixed Income Institute, told Bloomberg. "It sends a clear message to the market that China remains committed to the green transition agenda despite US backtracking."