World Bank issues $28.6 million bond for protecting oceans

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The World Bank has issued a US$28.6 million five-year Sustainable Development Bond to raise awareness of fresh and saltwater resources. According to TheAsset.com, the sustainable development projects are design to promote strong governance of marine and coastal resources to support sustainable fisheries and aquaculture, make coastlines more resilient, establish coastal and marine protected areas, and reduce ocean pollutions.

“World Bank bonds provide an opportunity for investors to engage on purpose, impact and the Sustainable Development Goals,” said George Richardson, director of the World Bank’s Capital Markets. “We are pleased to partner with Credit Suisse to focus attention on the importance that water conservation and the sustainable use of our oceans and waterways play in development.”

The World Bank bond forms the collateral for Credit Suisse’s Low Carbon Blue Economy Note, which was placed with Credit Suisse’s private wealth management clients globally. The Low Carbon Blue Economy Note was well received and illustrates the desire for private investors to use their investment to engage on critical topics like the Blue Economy.

"Absorbing approximately 30 percent of the carbon dioxide created by humans and generating 50% of the world's oxygen, yet significantly underfunded from a private capital perspective, ocean health is critical,” said Marisa Drew, CEO of the Impact Advisory and Finance Department at Credit Suisse. “Funding, such as this, supports the World Bank, which in turn supports projects from sustainable fisheries to marine protected areas to ocean waste upcycling and helps us close the funding gap identified by the Sustainable Development Goal 14, ‘life below water.’” 

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