A European bank has invested €100 million (£85.8m) in German sustainability.
Zurich Germany is to provide funding for the state of North Rhine-Westphalia to help improve sustainability research, public transport, climate protection and sustainable development in cities.
It also aims to progress the region’s green energy transition and improve the protection of its natural resources.
The bank’s investment comes in the form of purchasing securities issued by the federate state, which have a maturity term of 30 years.
Michael Leinwand, Chief Investment Officer of Zurich Germany, said: “North Rhine-Westphalia’s sustainability securities programme has set a benchmark for transparency and process in the green and social bond space. We are very proud to support North Rhine-Westphalia’s impressive sustainability strategy through this transaction.”
A project to demonstrate the transition to a low carbon energy system in the state has also begun.