Quantcast

World Bank Launches Bond Series to Raise Awareness About Water and Ocean Resources

Popular
Eric Volto / Getty Images

The World Bank launched the first in a series of bonds designed to raise awareness about the importance of ocean and water resources, the organization announced last Thursday.

The series was announced in conjunction with World Water Week, which took place in Stockholm from August 26 to 31 and gathered experts, business people and decision makers from around the world to discuss solutions to water issues.


"Seventy percent 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," World Bank CEO Kristalina Georgieva said when the bond series was announced August 29.

The series intends to raise $3 billion and allow investors to demonstrate their support of the UN Sustainable Development Goals (SDGs).

This series will focus specifically on goal 6: "Ensure availability and sustainable management of water and sanitation for all" and goal 14: "Conserve and sustainably use the oceans, seas and marine resources for sustainable development."

The first bond was priced at one billion Swedish Krona (SEK) and will last seven years.

"We are very pleased to price this SEK-denominated Sustainable Development Bond, so soon after we announced our new initiative. The demand for this bond shows that investors are aware of the critical need to protect water, our most precious resource, and to ensure a sustainable future," World Bank Vice President and Treasurer Arunma Oteh said in the pricing announcement.

Major European investors in the bond include Swedish investors AP1, SEB Företagsobligationsfond, SPP Storebrand and Swedbank Robur Fonder AB.

"The decision of the World Bank to launch an initiative to raise awareness for the health of oceans and urgent need for clean water through their Sustainable Development Bond issues, is very much welcomed by investors. We see increased interest from our investors to understand risks around water management and the need to protect oceans. Engaging with the World Bank and others around this topic is extremely helpful," Head of Climate & Sustainable Finance at SEB Christopher Flensborg said in the World Bank announcement.

The World Bank hopes to use the bonds to channel the support of investors towards two goals: sustainable use of water in order to increase access to safe and reliable water sources and sustainable use of ocean resources and marine life.

The new bond series, and World Water Week, come as the UN has reported that the world is off-track to meeting SDG 6, development media outlet Devex reported.

Eighty-percent of countries do not have enough money to meet the SDG targets and the World Water Week consensus was that more private money is essential to help them do so, according to Devex.

EcoWatch Daily Newsletter

By Gretchen Goldman

The Independent Particulate Matter Review Panel has released their consensus recommendations to the EPA administrator on the National Ambient Air Quality Standards for Particulate Matter. The group of 20 independent experts, that were disbanded by Administrator Wheeler last October and reconvened last week, hosted by the Union of Concerned Scientists, has now made clear that the current particulate pollution standards don't protect public health and welfare.

Read More Show Less
An African elephant is pictured on November 19, 2012, in Hwange National Park in Zimbabwe. MARTIN BUREAU / AFP / Getty Images

The unprecedented drought that has caused a water crisis in Zimbabwe has now claimed the life of at least 55 elephants since September, according to a wildlife spokesman, as CNN reported.

Read More Show Less
Sponsored
Maria Dornelas.

By John C. Cannon

Life is reshuffling itself at an unsettling clip across Earth's surface and in its oceans, a new study has found.

Read More Show Less
An Exxon station in Florida remains open despite losing its roof during Hurricane Katrina on Aug. 29, 2005. Florida Air National Guard photo by Master Sgt. Shaun Withers

The country's largest fossil fuel company goes on trial today to face charges that it lied to investors about the safety of its assets in the face of the climate crisis and potential legislation to fight it, as the AP reported.

Read More Show Less
El Niño's effect on Antarctica is seen in a tabular iceberg off of Thwaites ice shelf. Jeremy Harbeck / NASA

El Niños are getting stronger due to climate change, according to a new study in Monday's Proceedings of the National Academy of Sciences.

Read More Show Less
Sponsored

By Julia Ries

  • Antibiotic resistance has doubled in the last 20 years.
  • Additionally a new study found one patient developed resistance to a last resort antibiotic in a matter of weeks.
  • Health experts say antibiotic prescriptions should only be given when absolutely necessary in order to avoid growing resistance.

Over the past decade, antibiotic resistance has emerged as one of the greatest public health threats.

Read More Show Less
Pexels


There are hundreds of millions of acres of public land in the U.S., but not everyone has had the chance to hike in a national forest or picnic in a state park.

Read More Show Less
Workers attend to a rooftop solar panel project on May 14, 2017 in Wuhan, China. Kevin Frayer / Getty Images

By Simon Evans

Renewable sources of electricity are set for rapid growth over the next five years, which could see them match the output of the world's coal-fired power stations for the first time ever.

Read More Show Less