QBE is issuing $US300 million ($399 million) in debt securities as part of a green investment program that aims to generate environmental benefits.

The fundraising is the first under the company’s Green Bond Framework, released last month. QBE says it is also a first for global insurers.

It has not detailed specific investments for the money raised, but green bonds provide finance in areas such as renewable energy, low-carbon transportation, sustainable forestry, water efficiency, waste management and pollution control.

The fixed-rate senior notes have an issue price of $US200,000 ($265,866) each, mature on October 21 2022 and carry a 3%-per-annum interest rate.

QBE says its Green Bond Framework “represents a further step in supporting investors to meet their objectives, while supporting insurance clients to realise opportunities in the fast-developing low-carbon economy”.

Areas excluded for investment under the framework include manufacture of alcoholic drinks and tobacco products, gambling enterprises and various fossil fuel-related activities.

Last year QBE established a program in which customers can choose to have a percentage of their premium invested in securities with social or environmental benefits.