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Media Center > Speeches > HON. PM BAINIMARAMA AT THE DAILY OPENING OF THE LONDON STOCK EXCHANGE TO CELEBRATE THE LAUNCH OF THE

HON. PM BAINIMARAMA AT THE DAILY OPENING OF THE LONDON STOCK EXCHANGE TO CELEBRATE THE LAUNCH OF THE FIJIAN GREEN BOND

4/18/2018
The Honourable British Minister of State for Energy and Clean Growth,
The Chairman and CEO of the London Stock Exchange,
Excellencies,
Ladies and Gentlemen,

Bula vinaka and a very good morning to you all,

This is an important day for Fiji as we celebrate the listing of our Sovereign Green Bond on this great Exchange - arguably the premier capital market in the world. And it has been a great thrill for me to be here in person to open the day’s trading.

Fiji - a small island state in the Pacific -has brought a novel financial instrument to this famous floor. It’s an instrument designed to help our nation cope with the reality of climate change - to finance the various projects we need to build a more climate-resilient economy. And we have shown the world that an emerging market bond with these characteristics can be launched successfully.

The Bond was issued in tranches and both so far have been oversubscribed, indicating confidence in both the standards applied to the Bond and the stability of the Fijian economy as well as tremendous support for our efforts to deal with climate change.

I am very proud that Fiji’s Green Bond Framework has been independently verified to have clear environmental benefits and to be credible, transparent and consistent with the highest global standards.

We very much hope that the Bond will be an example that other sovereign governments and private investors will follow. Because we need trillions of dollars to flow into investments that produce financial returns and both mitigate climate change and adapt to its impacts.

This year, I am the President of COP23 – the global climate negotiations. And my role is to help the governments of the world implement what they committed to in the Paris Agreement of 2015. We need money for that. And this is one way of opening up the flow of capital to where it is needed most.

The Fijian Green Bond is mutually advantageous to both investors and the people who ultimately benefit – providing both financial returns and critical assistance for vulnerable people on the ground. And this is what I am most proud about - connecting this great Exchange – through this Green Bond - with ordinary Fijians on the other side of the world.

I also hope that the global exposure that the London Stock Exchange gives this instrument will encourage further investment in Fiji and I want to close by urging you all to spread the word about the benefits of green finance.

Vinaka vakalevu, thank you.
 
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