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Thumbs up for Bainimarama, Fiji’s green bond listing

Thumbs up for Bainimarama, Fiji’s green bond listing
Prime Minister Hon. Voreqe Bainimarama this morning at the launch of the Fijian Green Bonds at the London Stock Exchange. PHOTO: DEPTFO
April 21
12:18 2018

The chairman of the London Stock Exchange Group, Donald Bryndon, has congratulated the President of COP23 and Prime Minister, Voreqe Bainimarama, on his landmark international green bond listing.

Fiji, he said was at the forefront of dealing with major weather-related events and had shown great leadership in making access to climate finance for island states a central part of the COP23 Presidency.

The global community has a responsibility to offer every support to deal with these challenges.

“Fiji’s international listing represents the country’s deep commitment to address environmental issues and reinforces London Stock Exchange Group’s position as a strong partner for emerging economies and as a leading global listing venue for Green Finance,” Mr Bryndon said.

United Kingdom’s Minister for Energy and Clean Growth Claire Perry said: “The transition to a clean, low carbon economy presents a multi-billion pound investment opportunity and we want UK businesses to take full advantage of it. We already have a world leading stock market, with more than 60 green bonds listed on the London Stock Exchange, and we are determined to cement the UK’s position as a global hub for investment in clean growth.”

He said the launch of Fiji’s first sovereign green bond on the London Stock Exchange provided a ringing endorsement from the current presidency of the Conference of Parties (COP) that London was the place to raise finance for climate resilience and mitigation in all sizes of the market across the globe.

A release from the London Stock Exchange said the landmark transaction represented the first international sovereign green offering from an emerging economy and Commonwealth country.

It said the dual-tranche green bond transaction included a FJ$20 million ($10 million equivalent) tranche, which will mature in 2022 at a yield of 4 per cent, and FJ$40 million ($20 million equivalent) tranche to mature in 2030 at a yield of 6.30 per cent.

Proceeds from Fiji’s landmark green bond will be used to finance the sustainable management of natural resources, renewable energy, water and energy efficiency, as well as clean and resilient transport and waste water management.

Edited by Naisa Koroi

Feedback:  maikab@fijisun.com.fj

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