The Government of Fiji has become the first national government of an emerging economy to issue a sovereign green bond. The issue, worth US$50 million, will be used to support climate change mitigation and adaptation projects following Green Bond Principles. With technical assistance from the World Bank and the International Finance Cooperation (IFC), as requested by Fiji’s Reserve Bank, the bond was issued under the three-year Capital Markets Development Project, supported by the Government of Australia.
The bond will contribute to building resilience in the country as well as supporting Fiji’s commitment to achieve 100% renewable energy and reduce its energy sector CO2 emissions by 30% by 2030.