(Bloomberg) -- Singapore sold a green bond with a maturity of around 30 years on Tuesday, pushing global sales higher and in-line with its vow to raise S$35 billion ($26 billion) in environment-focused financing by 2030.

The city-state tapped the market for S$2.5 billion through its latest offering and set a yield of 3.3%, according to a person familiar with the matter, who asked not to be identified.

Singapore is part of a global borrowing rush to finance projects that provide environmental benefits and support sustainable development. Governments and corporates have sold a record $260 billion worth of green bonds this year, an increase of 7% over the same period in 2023, according to data compiled by Bloomberg.

The latest offering is part of plans to increase green debt issuance to fund public sector infrastructure projects. The nation raised funds through the sale of a maiden 50-year green bond in 2022, reopening the note last year.

Singapore plans to sell as much as S$2.45 billion of bonds to institutions and S$50 million to the public through electronic applications, according to the people, with a right to change those allocations in the process. They are set to mature on June 1, 2054.

Elsewhere, Indonesia priced its biggest Samurai bond offering last week that included rare blue bonds, which are used for a specific purpose that involves water. Germany, European Union, Italy and Japan also have each raised an equivalent of at least $10 billion this year through green debt.

Proceeds from the deal will be used for green investments and expenditures in accordance with the Singapore green bond framework. The Monetary Authority of Singapore, or MAS, acts as a government agent in the sale and has hired Citigroup Inc., DBS Bank Ltd., HSBC Holdings Plc, Standard Chartered Plc and United Overseas Bank Ltd. to arrange the sale.

--With assistance from Harry Suhartono and Ronan Martin.

(Updates with final bond details throughout)

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