World Bank bonds highlight the challenge of plastic waste in oceans

World Bank bonds highlight the challenge of plastic waste in oceans

April 5, 2019
Press Release: The World Bank

The systemic challenge of plastic waste in the oceans requires institutions like the World Bank to raise awareness and facilitate solutions

The World Bank has launched a ‘Sustainable Development Bond’ to draw attention to the challenge of plastic waste pollution in oceans. This bond is part of an ongoing initiative by the World Bank to engage with investors on highlighting the vital role of fresh and saltwater resources.

This callable step-up fixed-rate bond – which was targeted at both institutional and individual investors – priced this week (2 April 2019) and raised US$10m. Morgan Stanley & Co was the sole distributor of the bond.

“Freshwater and marine ecosystems cover more than three-quarters of the earth’s surface and provide critical services – from habitats and drinking water to climate control,” commented George Richardson, World Bank director for Capital Markets. “As the biggest multilateral funder for ocean and water projects in developing countries, the World Bank is committed to working with investors as we highlight the critical need to support the sustainable use of ocean and marine resources – including through better waste management.”

“This transaction epitomizes the World Bank’s innovation in the capital markets,” added Navindu Katugampola, head of Sovereign, Supranational & Agency Origination, Morgan Stanley. “The bond provides our customers with a tangible opportunity to partner with the World Bank on its mission to highlight important issues such as the challenge of plastic waste in oceans.”

According to Scientific American, eight million tons of plastics are dumped in the ocean each year – that is about one truck of garbage per minute. In addition to the environmental damage, the financial toll is huge. Marine ecosystems globally suffer an estimated US$13 billion a year in damages caused by plastic waste impacting tourism, fishing, shipping, health and food chains.

Plastic Free World Conference & Expo 2019 will take place from Thursday 27 June to Friday 28 June, at the Kap Europa, Frankfurt Messe, Frankfurt, Germany. To register for this highly focused and solutions-driven event, please click here. For sponsorship and exhibition opportunities, please email peter@trans-globalevents.com

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