French and Danish asset owners have invested in Green Credit Continuum program, which has raised €253 million ($278.4 million) as of Nov. 30 to support green debt issuance in Europe, the European Investment Bank said Monday.
Launched by Amundi and EIB in July, the program is aimed at enhancing the green debt market through financing of small scale green projects for small and medium enterprises.
EIB committed €60 million to the first fund, which will also see an investment of €50 million from Caisse des Depots et Consignations, Paris.
Commenting on the commitment, Caisse des Depots CIO Olivier Mareuse said in an email: "CDC is happy to contribute to this initiative, which is perfectly in line with its green bond investment strategy and its climate policy. It will enhance the development of the green-bond market beyond investment grade bonds, toward high-yield and non-listed (bonds)."
The French investor, which oversees €173 billion in financial assets and savings owned by French state institutions, invested €500 million in green bonds.
Investors in this first of the three planned vintage funds under the program also include the 100 billion Danish kroner ($14.8 billion) Laerernes Pension, Hellerup, Denmark, which also committed €50 million to the fund.
Commenting on the commitment a spokesman said: “The investment is part of our climate strategy,” adding that the investment in green bonds provides financing to green projects that might otherwise have difficulties of being financed.
“At the same time we expect to receive an attractive yield,” the spokesman said.
Laerernes Pension will have €100 million invested in green bonds when the investment is deployed.