BEIJING — The China Development Bank has issued 10 billion yuan (about $1.55 billion) of green finance bonds to global investors in an effort to support the ecological protection and high-quality development of the Yellow River basin.

The raised funds will be used on infrastructure upgrade projects in nine provinces. It is estimated that these projects will help cut 20,100 tons of carbon dioxide emissions and 34.99 tons of nitrogen oxides, and reduce standard coal consumption by 10,000 tons per year.

So far, the lender has floated 80 billion yuan of green bonds.

China has been pushing the development of green finance to support its industrial upgrade and anti-pollution drives in recent years.

A green finance evaluation scheme for financial institutions and an updated green bond project catalogue have come into effect as part of China's latest efforts to reach its goal of carbon neutrality.

From July, the People's Bank of China, the country's central bank, will conduct quarterly evaluations of financial institutions' green finance businesses, and implement incentives and constraints based on evaluation results.