Fijian Sustainable Bond Framework launched
THE Fijian Sustainable Bond Framework was successfully launched at COP27 in Sharm ElSheik, Egypt at the Conference of Parties 27 (COP27).
The Framework is the first of its kind developed by a Small Island Developing State that creates a robust taxonomy for green, blue and social projects.
It is expected to help Fiji better communicate its sustainable development finance priorities with bilateral, multilateral, private and philanthropic investors.
The development of the Fijian Sustainable Bond Framework has been an integral part of Fiji’s journey to issue its first-ever Sovereign Blue Bond which is expected to be issued in early 2023.
Fiji’s Head of Delegation and Permanent Representative to the United Nations in New York, Ambassador Dr Satyendra Prasad, said that Fiji decided to develop an all-encompassing sustainable bond framework that now allows Fiji to clearly define its capital market operations and leverage new and additional funding for our sustainable development agenda.
He thanked the United Kingdom for its continued support of Fiji’s blue economy ambitions and commended the United Nations Development Programme for providing world-class technical support to not only develop the Framework for Fiji but help structure Fiji’s sovereign blue bond issuance as well. The event was attended by Lord Zac Goldsmith on behalf of the Government of the United Kingdom.
He commended Fiji on taking innovative steps to resource mobilise for its climate ambitions and highlighted the significant potential for other small island states to follow suit.
Lord Goldsmith reminded the audience that Pacific countries are large ocean states and that the United Kingdom remains a committed partner in the region to help advance climate and ocean ambitions.
He also reaffirmed the growing support being delivered to the UK’s Blue Planet Fund in the Pacific. Riad Meddeb, UNDP’s Director for Global Centre on Technology, Innovation and Sustainable Development, and Senior Principal Advisor for SIDS rounded up the discussion by highlighting UNDP’s commitment to supporting SIDS explore new and innovative sources of resource mobilisation for their development.
He praised Fiji’s foresight in seeking innovative finance solutions and thanked the Fijian Government for trusting UNDP to support its blue bond journey.
Mr Meddeb highlighted UNDP’s readiness to support other SIDS who are interested in exploring capital markets for development along with any other innovative resource mobilisation priorities.
The event was attended by highlevel delegates that included the President of Palau, Surangel S. Whipps Jr. and the Samoan Minister of Natural Resources and Environment Honourable Toeolesulusulu Cedric Schuster.