The World Bank hopes to raise up to $3 billion which would be used for investments into projects that are dedicated to promoting ocean conservation and fostering marine life.
How much will it cost to protect our oceans and its resources? The World Bank is betting investments totaling $3 billion will be needed to raise awareness of issues of marine life and spur action, at least according to its newest sustainable bonds. The bonds were launched this week on the heels of World Water Week and ahead of the Our Ocean conference in Bali next month.
Through the bonds, the World Bank hopes to raise up to $3 billion which would be used for investments into projects that are dedicated to promoting ocean conservation and fostering marine life. The first group of investors, a consortium of Swedish institutional investors, were quick to jump on the opportunity, already pricing the first bond at around $77 million.
The UN’s 17 Sustainable Development Goals (SDGs), often referred to as the global goals, set out universal goals to work toward to achieve sustainable development. This bond series targets SDG 6, Clean Water and Sanitation, and SDG 15, Life Below Water and hopes that institutional and private investors will support this initiative.
Kristalina Georgieva, World Bank Chief Executive Officer, said: “Seventy per cent of the planet’s surface is water, yet degraded ocean resources and lack of access to safe water negatively affect the lives of hundreds of millions of people. Through this bond series we will remind investors and the markets that we must protect our water and marine resources today for the generations of tomorrow.”
Businesses, politicians, and indeed investors have been keen to attach their brands and messaging to the goals, often with lofty words and ambitions. Earlier this year, the World Bank, announced that they would be launching a series of bonds that will address certain SDGs, giving investors a place to put their money where their mouth is. Bond series for SDGs focused on gender and maternity health and nutrition already exist.