Major Thailand-based financier TMB Bank has issued the country’s first green bond, with the World Bank’s IFC as the sole investor of the US$60 million bond, the funds of which will be used exclusively to finance climate-smart projects, particularly renewable energy. TMB aims to expand its green lending portfolio from US$280 million to US$470 million in the next five years with guidance and support from IFC. The overall aim of the bond is to expand financing for private sector investments that help address climate change, by providing an alternative source of long-term green finance in the country. It will also help Thailand achieve its target of reducing greenhouse gas emissions by an unconditional 20% by 2030 relative to its Business As Usual (BAU) scenario. “Thailand is vulnerable to climate change,” said Piti Tantakasem, CEO of TMB.