Dutch bank ING has issued a green bond worth nearly $3 billion, it said on Friday. The issue consists of two tranches – 1.5 billion euros ($1.7 billion) of 12-year paper and $1.25 billion of seven-year notes.

“The issuance will fund a portfolio of new and existing loans for renewable energy and green buildings,” the bank said.

ING issued its first green bond in Nov. 2015, which raised around 1.2 billion euros to fund low-carbon projects.

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is an abbreviation for Internationale Nederlanden Groep.

Green bonds are a category of fixed-income securities, which raise capital for projects with environmental benefits.

Source Reuters