Minister for Economy and Minister Responsible for Climate Change, Aiyaz Sayed-Khaiyum says they have been talking to Lord Zac Goldsmith, UK's Minister of State and Minister for Pacific and the Environment on how they can work together in getting out some new blue bonds.
Blue bonds are a relatively new type of sustainability bond which finance projects related to ocean conservation. Like green bonds, blue bonds operate similarly to any other debt instrument by providing capital to issuers who repay the debt with interest over time.
Sayed-Khaiyum says small island economies like Fiji have been hardest hit by the COVID-19 pandemic and Fiji remains committed now more than ever to a blue recovery and a sustainable future.
He says even as the world’s most developed economies have put forward tens of trillions of dollars in economic stimulus to revive their crippled economies, the ocean economy has so far been an afterthought.
While speaking at the National Stakeholder Consultation on the National Ocean Policy today, Sayed-Khaiyum says this policy will be legislated through their upcoming Climate Change Bill and highlights elements from the existing national legislations such as Environment Management Act, Marine Spaces Act and Offshore Fisheries Management Act.
He says from today they are publicly launching the second round of consultations for the Climate Change Bill and for the next four to six weeks they expect to get more feedback from members of the public. Sayed-Khaiyum adds stronger legislations and governance of areas such as tuna catch could allow Pacific island countries to gain an additional $250 million a year.
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