Fijian Sustainable Bond Framework launched at COP27

Fijian Sustainable Bond Framework launched at COP27

By Zodelle Bhan
Friday 11/11/2022
[Photo: Supplied]

The Fijian Sustainable Bond Framework has been launched at COP27 in Sharm El-Sheik, Egypt.

The Government says 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.

Fiji’s Head of Delegation and Permanent Representative to the United Nations in New York, Ambassador Satyendra Prasad, says Fiji decided to develop an all-encompassing sustainable bond framework that now allows them to clearly define their capital market operations and leverage new and additional funding for sustainable development agenda.

He acknowledged 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.

UK’s Minister of State for Asia, Energy, Climate and Environment, Right Honourable Lord Zac Goldsmith 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.

He reminded the people 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.

UNDP’s Director for Global Centre on Technology, Innovation and Sustainable Development, and Senior Principal Advisor for SIDS, Riad Meddeb, praised Fiji’s foresight in seeking innovative finance solutions and thanked the Fijian Government for trusting UNDP to support its blue bond journey.

The event was attended by high-level delegates that included the President of Palau, Surangel Whipps Junior and the Samoan Minister of Natural Resources and Environment Toeolesulusulu Cedric Schuster.

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