Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum says later this year, Fiji will launch its first Blue Bond to fund ocean-centric projects.
While speaking at the High-Level Panel on Sustainable Ocean panel event towards a ‘route to a Healthy Ocean, Prosperous People and Thriving Economies, Sayed-Khaiyum says the issuance will focus on raising capital market finance to support projects in blue shipping to reduce emissions in our vital maritime transportation sector, sustainable fisheries to expand aquaculture and protect natural fish stocks; a blue investment fund to provide affordable blue debt to non-government organisations in the ocean space; and sustainable waste management to build a second sanitary landfill and recycling facility in Fiji’s Western Division.
Sayed-Khaiyum says these are small steps on the journey to the blue economy we are building by 2030.
He adds much of this work will require partnerships, including in the Pacific to decarbonize our regional shipping sector.
Sayed-Khaiyum highlighted that to deliver on these commitments, and open possibilities for ocean-generated energy in the future, we need significant and urgent expansion in blue concessionary finance.
He also says while they welcome new finance from their development partners, if large, rich countries don’t also cut emissions and we fly past the 1.5-degree threshold, there won’t be ocean life left in our region to protect.
The AG says for us, blue finance is climate finance and it is development finance adding they cannot be separated.
He says Fiji was proud to be among the four countries selected to receive seed funding through the UN’s SDG Fund.
Sayed-Khaiyum adds to keep the conversation on blue finance going at the UN Ocean Conference, Fiji has proposed to host a side event dedicated to blue finance in partnership with the Waitt Foundation.
The Attorney-General also met with the U.S. Special Presidential Envoy for Climate, John Kerry, at the Our Ocean Conference in Palau to discuss ocean, maritime security, climate and conservation finance.
