The UK’s first green gilts, which are due to launch next month will have a maturity date of 31 July 2033, the Debt Management Office (DMO) announced this morning.
The sale of the new gilts, the proceeds of which will go towards funding environmental projects, will take place in the week of 20 September.
The coupon – payment rate – for the inaugural tranche of gilts will be announced in due course, it added.
At least £15bn of green gilts will be issued in this financial year, with an additional sale slated for October.
The new gilts are part of Rishi Sunak’s push to help the UK finance its net zero push ahead of the UN’s flagship climate summit COP26 in November.
Later this year a new green bond for retail investors will also go on sale, Sunak revealed in July.
The bonds will be available to investors through NS&I, which also administers the existing premium bonds scheme.
Anyone aged 16 or over will be able to put between £100 and £100,000 into Green Savings Bonds from National Savings and Investments (NS&I).
However, the interest rate for the bonds has yet to be set.
Money raised through selling both types of bond will go towards funding new renewable energy infrastructure like zero-emissions buses and offshore wind turbines.