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Fiji's green bonds for UK stock exchange

Filipe Naigulevu
Tuesday, December 05, 2017

THE British Government is anticipating the Fijian green bonds onto the United Kingdom stock market.

This was the word from UK Minister of State for Climate Change and Industry Claire Perry during a recent meeting with Fiji Prime Minister and COP23 president Voreqe Bainimarama.

According to a government statement issued yesterday, Ms Perry also reiterated the British Government's support of Fiji's global campaign for climate action.

Fijian green bonds are the first sovereign green bonds to be offered by a developing country anywhere in the world, and among an elite club globally, joined only by Poland and France.

The first $40 million tranche of the green bonds were issued last month where investors had over-subscribed by more than $47m.

The second issue will be late December, and two other issues at $20m each early next year.

A small but emerging sector of the market, "green" bonds are set to reach $134.9 billion in value this year, according to the World Bank.

Meanwhile, Fiji's leadership on COP23 was commended by the British Government during the meet.

Mr Bainimarama also took the opportunity to commend the UK Government, alongside the Canadian Government, on the launch of the "Powering Past Coal Alliance".

The alliance includes governments and businesses launched during COP23 that aims to rapidly phase out traditional coal power.

Fiji joined the alliance during the COP23 negotiations with Fiji's commitment to the global shift away from the burning of coal, a major source of carbon emissions, in favour of cleaner renewable power sources.

The talks also covered next year's Commonwealth Heads of Government Meeting in London where Mr Bainimarama welcomed the topics of climate resilience and adaptation as part of the meeting agenda.

He also briefed Ms Perry on the International Blue Carbon Partnership undertaken by Australia to protect and manage coastal blue carbon ecosystems in the Pacific.

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