Fiji has become the first emerging market to issue a sovereign green bond, raising 100 million Fijian dollars, or US$50 million, to support climate change mitigation and adaption.
Home to over 870,000 people, Fiji’s 300 volcanic islands include low-lying atolls that are highly susceptible to cyclones and floods. In 2016, Tropical Cyclone Winston—the most intense tropical cyclone in the Southern Hemisphere on record—passed directly over Fiji, causing economic losses that amounted to almost one third of the country’s GDP. Like all Pacific island states, Fiji is also highly vulnerable to the impact of climate change: close to 20 percent of the region’s 10 million people could be displaced due to climate change by 2050.
Green bonds are fixed income, liquid financial instruments that are used to raise funds dedicated to climate-mitigation, adaptation, and other environment-friendly projects. This provides investors an attractive investment proposition as well as an opportunity to support environmentally sound projects.
At the request of Fiji’s Reserve Bank, the World Bank and the International Finance Corporation (IFC), a member of the World Bank Group focusing on private sector, provided technical assistance to assist the government in issuing a sovereign green bond. This collaboration took place under a broader, three-year Capital Markets Development Project supported by the Australian Government. Through this partnership, Australia and IFC are helping stimulate private sector investment, promote sustainable economic growth and reduce poverty in the Pacific.
Projects financed from the Fiji green bond will follow the internationally developed Green Bond Principles, and will focus primarily on investments that build resilience against the impacts of climate change. Sustainalytics US (Sustainalytics), a provider of environmental, social and governance research and analysis, evaluated Fiji Sovereign’s green bond transaction and its alignment with the Green Bond Principles. Fiji will also use bond proceeds for projects supporting its commitment to achieve 100% renewable energy and reduce its CO2 emissions in the energy sector by 30% by 2030.
Fijian Prime Minister and President of COP23 Frank Bainimarama said: “The Fijian people, along with every Pacific Islander, live on the front lines of climate change. The rising seas, changing weather patterns and severe weather events are threatening our development, our security and the Fijian way of life, along with the very existence of some of our low-lying neighbors. I have made access to climate finance a key pillar of our upcoming COP23 Presidency, and we are proud to set an example to other climate-vulnerable nations by issuing this green bond to fund our work to boost climate resilience across Fiji. By issuing the first emerging country green bond , we are also sending a clear signal to other nations that we can be creative and innovative in mobilizing funds and create win-win outcomes for countries and investors in adapting to the serious effects of climate change.”
“With this bond, Fiji has demonstrated that green capital markets can be created in emerging economies, and that all countries, big and small, have an important role to play in facilitating climate solutions,” World Bank Group President Jim Yong Kim said. “As it takes the helm of COP23, Fiji is uniquely positioned to inspire other countries to meet their respective targets and build resilience against climate change.”
The World Bank and IFC are among the pioneers of the green bond market. The World Bank issued the first green bond in 2008. Since then, both institutions have provided leadership by issuing green bonds across a range of currencies, tenors and volumes; helping to define best practice for reporting and standards; and working with countries to facilitate the development of domestic green bond markets. The global green bond market is expected to reach US$134.9 billion in 2017.
The Government of Fiji will chair the 23rd Climate Change Conference (COP23) in Bonn, Germany from November 6-17, 2017. Prime Minister Voreqe Bainimarama has given high priority to COP23 and aims to continue the momentum for action since the entry into force of the Paris Climate Change Agreement last year.
Another 170 migrants disappear in shipwrecks: UN call for an end to Mediterranean tragedy
The United Nations refugee agency, UNHCR, stated on Saturday that “no effort should be spared” in saving lives at sea, following reports of two new shipwrecks on the Mediterranean Sea, in which some 170 people either died or went missing.
“The tragedy of the Mediterranean cannot be allowed to continue,” said Filippo Grandi, the UN High Commissioner for Refugees.
According to various NGOs, about 53 people died on the Alborán Sea, in the western part of the Mediterranean. One survivor is understood to have been rescued by a passing fishing boat after being stranded for more than 24 hours at sea and is receiving medical treatment in Morocco.
According to UNHCR, Moroccan and Spanish rescue vessels have been searching for the boat and survivors for several days to no avail.
The Italian Navy are also reporting another shipwreck on the central Mediterranean. Three survivors, who were taken for treatment on the island of Lampedusa, reported that another 117 people, currently dead or missing, had boarded the ship with them in Libya.
UNHCR has been unable to independently verify the death tolls for these two shipwrecks, but in 2018, 2,262 people lost their lives attempting to reach Europe via the Mediterranean Sea.
Guterres:The best-selling brand today is fear
Warning against the dangers of widespread fear and mistrust in our planet, the United Nations Secretary-General, António Guterres, told journalists on Friday he wants to reaffirm the UN as a “platform for action to repair broken trust in a broken world.”
“The best-selling brand in our world today is indeed fear,” stated Mr. Guterres. “It gets ratings. It wins votes. It generates clicks,” he added, during the press conference, held at UN headquarters in New York.
“I believe the biggest challenge that governments and institutions face today is to show that we care – and to mobilize solutions that respond to people’s fears and anxieties with answers, with concrete answers,” he explained.
The Secretary-General was speaking two days after presenting his areas of action for the UN for 2019 to the 193 Member States, who, he said, widely responded to his remarks by highlighting the importance of multilateralism.
“As we look to the challenges we face – from climate change to migration to terrorism to the downsides of globalisation – there is no doubt in my mind that global challenges require global solutions,” he noted. “No country can do it alone. We need multilateralism more than ever.”
The UN chief noted that “dismissing or vilifying the doubters of multilateralism will lead nowhere,” and insisted on the importance of understanding why “many people around the world are not convinced of the power and purpose of international cooperation.”
Citing the fact that, in the process of globalisation and technological progress, many people, sectors, and entire regions were left behind, he explained the UN needs to focus on addressing the root causes of this widespread mistrust, anxiety, anger and fear, over three key areas of work: accelerating sustainable development, strengthening the added value of the United Nations through reform, and engaging societies to put an end to the rise of hate speech, xenophobia and intolerance.
“We hear troubling, hateful echoes of eras long past. Poisonous views are penetrating political debates and polluting the mainstream,” warned Mr. Guterres, as he stressed the need to remember the lessons of the 1930s and the Second World War.
“Hate speech and hate crimes are direct threats to human rights, sustainable development and peace and security,” he said.
Stressing that “words are not enough,” the UN Secretary-General announced he has tasked his Special Adviser for the Prevention of Genocide, Adama Dieng, to bring together a team to develop a UN-wide strategy and urgent global plan of action against hate speech and hate crimes.
Mr. Guterres stated that his “absolute priority for 2019” is to make sure the United Nations is a “platform for action to repair broken trust in a broken world and deliver for people”.
Following his opening remarks, the Secretary-General answered questions from members of press on various issues handled by the UN, including the situation in Venezuela, in Syria, and in the Democratic People’s Republic of Korea, the plight of migrants and refugees worldwide, recent uncertainty around the elections in the Democratic Republic of the Congo, as well as UN funding challenges.
Knowledge Exchange Program between World Bank and Parliamentarians of Nepal
Members of the Federal Parliament in Nepal and officials from the World Bank held consultations and development policy dialogue at a knowledge exchange program held today. Over 40 members of the Parliamentary Finance Committee and the Parliamentary Secretariat took part in the program.
“These engagements with the representatives of the people of Nepal are a key part of our role and responsibility as trusted partners in Nepal. They allow us to exchange ideas, and to better understand the vision of the Nepali people in reducing extreme poverty and boosting shared prosperity. It also allows us to share experiences on development narratives from the rest of the world.” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal, “The country’s path of nation-building and sustainable development relies on sound policies and institutions, and the Parliament is key in ensuring that these are both in place.”
During the program supported by the World Bank and facilitated by the Parliament Secretariat, the Country Manager Faris H. Hadad-Zervos introduced the World Bank Group operations in Nepal, its instruments, country partnership framework and areas of development support. This was followed by a synopsis of the Bank’s analysis of latest macroeconomic and development updates, presented by World Bank Senior Country Economist Kene Ezemenari. Xiaoping Wang and Rabin Shrestha, Senior Energy Specialists from the World Bank then presented on the current scenario of the power sector in Nepal.
“The program was a great opportunity to understand the World Bank Group operations and explore avenues of cooperation and support in the days to come,” said Krishna Prasad Dahal, Chairperson of the Parliamentary Finance Committee, “Extensive sharing of data, information and practical knowledge will help pinpoint the direction of future policies and refine our responsibilities as lawmakers.”
The World Bank is engaging the Nepali Parliament in various ways. Through the Integrated Public Financial Management (PFM) Project supported by the Multi-Donor Trust Fund (financed by Australia, Switzerland, DFID, EU, Norway and USAID), The World Bank is currently supporting the Parliament of Nepal through strengthening of the PFM capacity of technical staff in the Secretariat. Knowledge exchange opportunities will be provided to MPs within this program. Provincial Parliaments will also be progressively targeted since they can benefit from the expertise of the Federal Parliament to build their own.
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