Bainimarama urges countries to launch Sovereign Green Bond in London Stock Exchange

COP 23 President and Prime MInister Voreqe Bainimarama at the Petersburg Dialogue. PICTURE: Supplied

THIRTY five foreign countries part of the Petersberg Dialogue have been urged to examine Fiji’s experience of becoming the first emerging economy to launch a Sovereign Green Bond on the London Stock Exchange.

While speaking at the 9th Petersberg Climate Dialogue in Berlin, Germany yesterday, Prime Minister and COP23 President, Voreqe Bainimarama said there was a need to mainstream financial instruments like the Green Binds and Climate Bonds.

“The first two tranches have been oversubscribed, which is an indication in itself of investor enthusiasm for innovative measures that produce returns and also finance resilience-building projects in places like Fiji,” Mr Bainimarama said.

“And we need more national Green Investment Banks or similar bodies than can blend public and private finance and facilitate its disbursement.

“Excellencies, all this is a test of our credibility and resolve but it must be met.

“I repeat: governments must take the lead but experience tells us that if governments create opportunity, the markets respond.

“And I am convinced above all that if we can raise the ambition of our NDCs to achieve net zero emissions by 2050 and developed nations honour commitments on climate finance, backed by sound policy, this will unlock the trillions of dollars that we know are out there and can be utilised for the transition we have no choice but to make,” he said.

About the Petersberg Dialogue:

The Petersberg Dialogue is an informal meeting of ministers and representatives from 35 countries focusing on the implementation of the Paris Climate Agreement and preparation for the next climate change conference, which will take place in December in Katowice under Poland’s Presidency.

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