BEIJING — The Agricultural Development Bank of China (ADBC) launched the country's first carbon-neutral bonds for forest carbon sinks on Sept 23.

The two-year bonds, worth 3.6 billion yuan (about $556 million), will be used to finance forest carbon sink projects including afforestation and reforestation.

Greater financial support will be provided to promote the green development of agriculture, and efforts made to channel funds to the sector, the ADBC said.

To date, the bank has floated 75.62 billion yuan of yuan-denominated green bonds.