Fijian Sustainable Development Bond Framework launched at COP27
November 10, 2022
Sharm El-Sheik, Egypt - The Fijian Sustainable Bond Framework was successfully launched at COP27 in Sharm El-Sheik, Egypt this week. 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.
Delivering his opening remarks, Fiji’s Head of Delegation and Permanent Representative to the United Nations in New York, Ambassador Satyendra Prasad, stated that “Fiji decided to develop an all-encompassing sustainable bond framework that now allows us (Fiji) to clearly define our capital market operations and leverage new and additional funding for our sustainable development agenda”. He thanked the United Kingdom for its continued support to 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 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 remined 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 the UK’s Blue Planet Fund in the Pacific.
The UN Development Programme’s Director for Global Centre on Technology, Innovation and Sustainable Development, and Senior Principal Advisor for SIDS, Riad Meddeb, rounded up discussion by highlighting UNDP’s commitment to support 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. He concluded by informing 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 high level delegates that included the President of Palau, H.E Surangel S. Whipps Jr. and the Samoan Minister of Minister of Natural Resources and Environment Hon. Toeolesulusulu Cedric Schuster.
For more information contact:
Vineil Narayan, Project Manager – BBB and ICRBE, Inclusive Growth Programme, UNDP Pacific Office in Fiji; email: firstname.lastname@example.org
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