Fiji is to issue a US$50 million “green” bond in the coming weeks to help combat the effects of global climate change, the first developing nation to do so, Fijian Prime Minister Frank Bainimarama said yesterday.
The Pacific island nation is seen as particularly vulnerable to climate change, with some of its 300 low-lying islands susceptible to rising seas.
The bond is to be the first to earmark the cash raised to address the issue, the World Bank said.
The nation will also use some of the proceeds to reduce its carbon dioxide emissions, Bainimarama said in a speech.
“Changing weather patterns and severe weather events are threatening our development, our security and the Fijian way of life,” he said in a joint statement with the World Bank. “By issuing the first emerging country green bonds, we are also sending a clear signal to other nations that we can be creative and innovative in mobilizing funds.”
Such bonds are used to raise funds for environmental projects, although the sector has drawn criticism for only vaguely defining what constitutes a “green” investment.
Poland and France have also issued sovereign green bonds to raise funds for renewable power, subsidizing energy-efficient buildings, planting trees and other environmental projects.
The bonds, which will be available in five and 13-year maturities, are to be priced on Nov. 1. They will pay coupons of 4 percent and 6.3 percent respectively, a summary released by Fiji and the World Bank said.
The issue comes three weeks ahead of a UN climate change conference in Bonn, Germany, which is to be chaired by Fiji.
The global green bond market is expected to reach US$134.9 billion this year, the World Bank said.
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