WORLD BANK / FIJI GREEN BONDS

The World Bank said Fiji has become the first emerging market to issue a sovereign green bond, raising 100 million Fijian dollars, or 50 million USD, to support climate change mitigation and adaption. WORLD BANK

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:17
• Production Date: 18 October 2017
• Asset Language: English
• Corporate Name: WORLD BANK
• Subject Topical: CLIMATE CHANGE; ECONOMIC DEVELOPMENT
• Geographic Subject: FIJI
• MAMS Id: 2007252
• Parent Id: 2007252
• Alternate Title: unifeed171018d

Description

STORY: WORLD BANK / FIJI GREEN BONDS
TRT: 02:17
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 11 OCTOBER 2017, WASHINGTON DC

Shotlist

11 OCTOBER 2017, WASHINGTON DC

1. Wide shot, Fijian Finance Minister walking outside World Bank building
2. SOUNDBITE (English) Aiyaz Sayed-Kahaiyum, Attorney-General and Minister for Economy, Fiji:
“Well, the issuance of the green bond is essentially about helping us meet the challenges of climate change. As you know that Pacific island countries in particular and other smaller states around the world are very much at the cold face of climate change. They are more vulnerable and therefore release fragility within the economy itself. It has led to the salianation of soil. It has led to villages having been moved to higher ground. There's damage to infrastructure - unpredictable weather patterns. You know, impact on our ability to plant our food, given the drought, etcetera. So, the green bond actually goes towards meeting those challenges and how we are able to adapt to that.”
3. Tilt up, Fijian Finance Minister walking outside World Bank building
4. SOUNDBITE (English) Aiyaz Sayed-Kahaiyum, Attorney-General and Minister for Economy, Fiji:
“Well, we decided to go with the green bonds because obviously it gives us the ability to raise funds. But it also creates a particular level of awareness in the international market, awareness within the region, and gives people the opportunity to be able to assist and invest in the area of climate change and help vulnerable countries like ours. We hope to, of course as you know we are the only sovereign in the Pacific region to actually issue green bonds; we hope that the green bonds can also provide an opportunity to our neighbouring Pacific island countries. And so that the green bonds has that particular focus.”
5. Close up, pins on Fijian Finance Minister’s suit
6. SOUNDBITE (English) Aiyaz Sayed-Kahaiyum, Attorney-General and Minister for Economy, Fiji:
“After the bonds are issued, and we already have for example so many foreign banks in Fiji who are interested in purchasing at least the first 20 million dollars of the bonds, we will obviously use those funds towards meeting our challenges that have been created by climate change, climactic events, also the everyday climate issue that we are facing such as droughts, such as encroaching waters, such as building resilience in infrastructure to be able to you know meet the hazards of climate change.”
7. Wide shot, Fijian Finance Minister walking outside World Bank building

Storyline

The World Bank said Fiji has become the first emerging market to issue a sovereign green bond, raising 100 million Fijian dollars, or 50 million USD, to support climate change mitigation and adaption.

Fiji’s Minister for Economy, Aiyaz Sayed-Kahaiyum, said his country is issuing the green bonds to help “meet the challenges of climate change.” He said Pacific Island countries in particular and other smaller states around the world are “very much at the cold face of climate change” which has led to the salinization of soil, villages having been moved to higher ground, and damage to infrastructure.

Sayed-Kahaiyum said Fiji decided to go with the green bonds because it gives it the ability to raise funds, and creates “a particular level of awareness in the international market, awareness within the region, and gives people the opportunity to be able to assist and invest in the area of climate change and help vulnerable countries.” He said Fiji hopes that the green bonds can also provide an opportunity to neighbouring Pacific Island countries.

The World Bank said 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.

The Fijian Minister for Economy said many foreign banks in Fiji are already interested in purchasing at least the first 20 million dollars of the bonds. The funds raised will be used towards meeting the challenges “that have been created by climate change, climactic events, also the everyday climate issue that we are facing such as droughts, such as encroaching waters, such as building resilience in infrastructure to be able to you know meet the hazards of climate change.”