EU raises 12 bil. euros from green bonds

The European Union says it has raised 12 billion euros, or more than 13 billion dollars, from its first issuance of green bonds to invest in environmental programs, including measures for dealing with climate change.

The European Commission made the announcement on Tuesday, adding that the amount is the largest of its kind in the world.

The EU executive branch plans to issue up to 250 billion euros' worth of green bonds by the end of 2026. The commission is to use the bonds to finance projects including construction of wind power plants in Lithuania and digitalization at car factories in Germany.

Commissioner for budget and administration Johannes Hahn told a news conference that the EU has had a strong start to its green bond program. He also said the bonds "will contribute Europe's green and sustainable recovery" of the economy, which has been damaged by the coronavirus pandemic.