Fiji has become the first emerging market to issue a green bond, according to the World Bank.
Specifically, Fiji’s Reserve Bank, with the support of the World Bank and the IFC, has issued a sovereign green bond, raising 100 million Fijian dollars (US$50 million) to support climate change mitigation and adaption.
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As well as using the proceeds to build resilience against the impacts of climate change, Fiji will also use them to support its target of reaching 100% renewable energy by 2030.
The World Bank noted that Fiji is highly vulnerable to the effects of climate change. Nearly 20% of the population in the Pacific Islands are under threat of being displaced in the future.
Fijian prime minister and president of COP23 Frank Bainimarama said: “I have made access to climate finance a key pillar of our upcoming COP23 Presidency, and we are proud to set an example to other climate-vulnerable nations by issuing this green bond to fund our work to boost climate resilience across Fiji. By issuing the first emerging country green bond, we are also sending a clear signal to other nations that we can be creative and innovative in mobilizing funds and create win-win outcomes for countries and investors in adapting to the serious effects of climate change.”
Over the summer, Manila-based bank, the Asian Development Bank (ADB) announced it would be partnering with governments, communities and the private sector to support clean energy projects in the Pacific region.