World Bank Issues Water Bonds to Protect Oceans and Marine Life
The World Bank has introduced plans to raise $3 billion to protect the world’s oceans and marine life through a new sustainable development bond series. The water bonds were introduced at the World Water Week events which were held last week, and the announcement comes in advance of the Our Ocean conference to be held in Bali in October.
The World Bank’s bond series intends to support the sustainable development goals (SDG) which were organized by the United Nations in 2015 and went into force Jan. 1, 2016. Countries around the world who signed onto the SDG goals agreed to work toward the UN’s 17 sustainability goals through a 2030 agenda. The sustainable development bond series aims to support SDG 6, related to clean water and sanitation, and SDG 14, related to life below water.
According to the World Bank, it focuses on conservation and sustainable use of water through harnessing the support of investors who prioritize two areas: sustainable water management to ensure access to safe water and water security; and sustainable use of ocean and marine resources. The water bond series follows other bonds issued by World Bank earlier this year related to maternity health and nutrition and gender.