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BONDS TO FINANCE THE

SUSTAINABLE BLUE ECONOMY

A PRACTITIONER'S GUIDE

SEPTEMBER 2023

BONDS TO FINANCE THE

SUSTAINABLE BLUE ECONOMY

A PRACTITIONER'S GUIDE

SEPTEMBER 2023

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BONDSTOFINANCETHESUSTAINABLEBLUEECONOMYAPRACTITIONER'SGUIDESEPTEMBER2023BONDSTOFINANCETHESUSTAINABLEBLUEECONOMYAPRACTITIONER'SGUIDESEPTEMBER2023CreativeCommonsCreativeCommonsAttribution-NonCommercial-NoDerivs3.0IGOlicense(CCBY-NC-ND3.0IGO)©2023AsianDevelopmentBank/InternationalFinanceCorporation6ADBAvenue,MandaluyongCity,1550MetroManila,PhilippinesTel+63286324444;Fax+63286362444www.adb.orgSomerightsreserved.Publishedin2023.ContributionsfromtheInternationalCapitalMarketAssociation(ICMA),UnitedNationalEnvironmentProgrammeFinanceInitiative(UNEPFI),andUnitedNationsGlobalCompact(UNGC)havebeenincludedwiththeirpermission.ISBN978-92-9270-303-5(print);978-92-9270-304-2(electronic);978-92-9270-305-9(ebook)PublicationStockNo.TCS230328-2DOI:http://dx.doi.org/10.22617/TCS230328-2TheviewsexpressedinthispublicationarethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesoftheAsianDevelopmentBank(ADB),InternationalFinanceCorporation(IFC),ADB’sBoardofGovernors,IFC’sBoardofExecutiveDirectors,ortherespectivegovernmentstheyrepresent.ADBandIFCdonotguaranteetheaccuracy,reliabilityorcompletenessofthedataincludedinthispublication,orthejudgmentsdescribedhereinandacceptnoresponsibilityorliabilityforanyomissionsorerrors(including,withoutlimitation,typographicalerrorsandtechnicalerrors)inthecontentwhatsoeverorforanyconsequenceoftheiruse.ThementionofspecificcompaniesorproductsofmanufacturersdoesnotimplythattheyareendorsedorrecommendedbyADBorIFCinpreferencetoothersofasimilarnaturethatarenotmentioned.Bymakinganydesignationoforreferencetoaparticularterritoryorgeographicarea,orbyusingtheterm“country,”orbytheuseofboundaries,colors,denominations,andotherinformationshownonanymapinthispublication,ADBandIFCdonotintendtomakeanyjudgmentsastothelegalorotherstatusofanyterritoryorarea,orimplytheacceptanceofsuchboundaries.Nothinghereinshallconstituteorbeconstruedorconsideredtobealimitationupon,orwaiver,terminationormodificationof,anyprivilegeandimmunityorexemption,asapplicable,ofADBorofIFC,allofwhicharespecificallyreserved.ThisworkisavailableundertheCreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)https://creativecommons.org/licenses/by/3.0/igo/.Byusingthecontentofthispublication,youagreetobeboundbythetermsofthislicense.Forattribution,translations,adaptations,andpermissions,pleasereadtheprovisionsandtermsofuseathttps://www.adb.org/terms-use#openaccess.ThisCClicensedoesnotapplytonon-ADBortonon-IFCcopyrightmaterialsinthispublication.Ifthematerialisattributedtoanothersource,pleasecontactthecopyrightownerorpublisherofthatsourceforpermissiontoreproduceit.ADBandIFCcannotbeheldliableforanyclaimsthatariseasaresultofyouruseofthematerial.PleasecontacttheAsianDevelopmentBank(pubsmarketing@adb.org)ortheIFC'sCorporateRelationsDepartment(2121PennsylvaniaAvenue,N.W.,Washington,D.C.20433)ifyouhavequestionsorcommentswithrespecttocontent,orifyouwishtoobtaincopyrightpermissionforyourintendedusethatdoesnotfallwithintheseterms,orforanyotherqueriesonrightsandlicenses,includingsubsidiaryrights.Thecontentsofthisworkareintendedforgeneralinformationalpurposesonlyandarenotintendedtoconstitutelegal,securities,orinvestmentadvice,anopinionregardingtheappropriatenessofanyinvestment,orasolicitationofanytype.IFCoranaffiliateofIFCmayhaveaninvestmentin,provideotheradviceorservicesto,orotherwisehaveafinancialinterestin,certainofthecompaniesandpartiesnamedherein.CorrigendatoADBpublicationsmaybefoundathttp://www.adb.org/publications/corrigenda.Notes:Inthispublication,“$”referstoUnitedStatesdollars,unlessotherwisestated.ADBrecognizes“Hongkong”and“HongKong”asHongKong,China;“Korea”astheRepublicofKorea,and“Vietnam”asVietNam.CoverdesignbyRossLocsinLaccay.Coverphotos:SustainableOysterFarmintheCookIslands’PearlIndustryDevelopmentProject;ThefloatingsolarphotovoltaicpowergenerationpanelsattheDaMihydropowerplantinBinhThuan,VietNam(photobyADB).PrintedonrecycledpaperContentsAuthorsandAcknowledgmentsivAbbreviationsvIIntroductionandBackground1AboutThisGuidance1ImportanceoftheSustainableBlueEconomy2ImportanceofBondstoFinancetheSustainableBlueEconomy3IIBenefitsforIssuers4III“BlueBonds:”WhichProjectsAreEligible?5IVAlignmentwiththePrinciples9"BlueBonds"9IncorporatingBlueintoanIssuer’sStrategywithSustainability-linkedBonds10SocialIssuesandtheSustainableBlueEconomy11V“BlueBond”IssuanceProcess12Pre-issuance12Post-issuance13Appendixes141ExamplesofExclusionsandReportingonOutputsandImpactsof“BlueBonds”142Examplesof“BlueBond”IssuanceinAlignmentwiththeGreenBondPrinciples21andSustainability-linkedBondPrinciplesReferences23TableandFigureTable1IndicativeBlueProjectCategories6Figure1TypesofUse-of-ProceedsBonds9AuthorsandAcknowledgmentsThisGuidanceisaresultofcollaborationbetweentheAsianDevelopmentBank(ADB),InternationalCapitalMarketAssociation(ICMA),InternationalFinanceCorporation(IFC),UnitedNationsEnvironmentProgramme–FinanceInitiative(UNEPFI),andUnitedNationsGlobalCompact(UNGC).Themainauthorsare:KatharineThoday(principalenvironmentspecialist,ADB);MelissaWalsh(oceanfinanceconsultant,ADB);SimoneUtermarck(director,SustainableFinance,ICMA);PushkalaLakshmiRatan(AsiaPacificClimatelead,FinancialInstitutionsGroup,IFC);WilliamLlewelynDavies(senioroperationsofficer,IFC);JoseGamitoPires(BlueFinanceconsultant,IFC);DennisFritsch(associateprogrammeleadNature,UNEPFI);KlaasdeVos(consultant,UNEPFI);AlexanderWiese(UNEPFI);andSuzanneJohnson(senioradvisor,OceanStewardshipCoalition,UNGC).ADB,ICMA,IFC,UNEP-FI,andUNGChavebenefitedfromsupportfromwithintheirownorganizations:SanyaGrover(ADB);RossLocsinLaccay(ADB);AndreasThermann(ADB);FranciscoAvendano(IFC);HongzeGuo(IFC);JessicaSmith(UNEPFI);KarlaMartinezToral(UNEPFI);Jean-StephaneNaas(UNGC);andErikGiercksky(UNGC).TheauthorswouldalsoliketothankthefollowinginstitutionsthatsharedtheirexpertiseandrespondedtotheConsultationontheGuidancelaunchedattheSustainableBlueEconomyInvestmentForumattheUNOceanConferenceon28thJune2022:AvangridRenewables;AquacultureStewardshipCouncil(ASC);CMACGM;CreditSuisse;MarineStewardshipCouncil(MSC);EuropeanBankforReconstructionandDevelopment(EBRD);EuropeanInvestmentBank(EIB);GreensquareVentures;HongKongandShanghaiBankingCorporation(HSBC);IndustrialDevelopmentBankofIndia(IDBI);InternationalMonetaryFund(IMF);InternationalUnionforConservationofNature(IUCN);MaritimeJustTransitionTaskForce;Oceana;TheOceanFoundation;SamsungSecurities;SkandinaviskaEnskildaBanken(SEB);StandardCharteredBank;StockholmResilienceCentre;StormGeo;WorldBank;WWF;andUnitedNationsDevelopmentProgramme(UNDP).Floatingsolarpanels.ThefloatingsolarphotovoltaicpowergenerationpanelsattheDaMihydropowerplantinBinhThuan,VietNam(photobyADB).AbbreviationsADBAsianDevelopmentBankETPendangered,threatened,andprotectedGBPGreenBondPrinciplesGHGgreenhousegasICMAInternationalCapitalMarketAssociationIFCInternationalFinanceCorporationIMOInternationalMaritimeOrganizationIUCNInternationalUnionforConservationofNatureKPIkeyperformanceindicatorMARPOLInternationalConventionforthePreventionofPollutionfromShipsMDBmultilateraldevelopmentbankMSPMarineSpatialPlanNOxnitrogenoxidesp.e./a.populationequivalentperannumPrinciplesGBP,SBP,SBG,andSLBPjointlySBESustainableBlueEconomySBGSustainabilityBondGuidelinesSBPSocialBondPrinciplesSDGSustainableDevelopmentGoalSLBSustainability-linkedBondsSLBPSustainability-linkedBondPrinciplesSOxsulfuroxidesSPOsecondpartyopinionSPTSustainabilityPerformanceTargetstCO2etonofcarbondioxideequivalentTJterajoulesUNEPFIUnitedNationsEnvironmentProgramme-FinanceInitiativeUNGCUnitedNationsGlobalCompactUOPuse-of-proceedsWorkingtogether.CommunitymembershelpingeachotherpullafishingnetinGentumaRaya,Gorontalo,Indonesia(photobyADB).IIntroductionandBackgroundTheBlueEconomyencompasseseconomicactivitiesthatrelyorimpactontheuseofcoastalandmarineresources.LikethebroaderconceptoftheGreenEconomy,ofwhichtheBlueEconomyformsapart,itadvocatessustainableuseoftheseresourcestominimizenegativeimpactsonthemarineenvironment.InvestingintheSustainableBlueEconomy(SBE)recognizesthecriticalityoftheoceananditsresources,andtheincreasingthreatstothemarineenvironmentfromclimatechange,overexploitation,andmarinepollution.Withtraditionalmarineinvestmentsfacingrisingphysical,regulatory,andreputationalrisks,thetransitiontoanSBEisanopportunityforpublic,private,andblendedinvestmenttoenhanceassetvalueandincreaseresilienceandeconomicproductivity.Asthelargestassetclassintheglobalfinancialmarket,thebondmarketcanplayasignificantroleincatalyzinginvestments.Inthelast5years,aseriesof“bluebond”issuances(greenbondsfocusedonthesustainableuseofmaritimeresourcesandthepromotionofrelatedsustainableeconomicactivities)demonstrateagrowingappetiteforocean-themedbonds.1AboutThisGuidanceThisvoluntaryGuidanceisforbroadusebythemarket•toprovideissuerswithguidanceonthekeycomponentsinvolvedinlaunchingacredible“bluebond,”•toaidinvestorsbypromotingavailabilityofinformationtoevaluatetheenvironmentalimpactoftheir“bluebond”investments,and•toassistunderwritersbyofferingvitalstepsthatwillfacilitatetransactionsthatpreservetheintegrityofthemarket.TheGuidancebuildsontheexistingglobalmarketstandardsthatunderpintheglobalsustainablebondmarkets:theGreenBondPrinciples(GBP),theSocialBondPrinciples(SBP),theSustainabilityBondGuidelines(SBG),andtheSustainability-linkedBondPrinciples(SLBP)providedbytheInternationalCapitalMarketAssociation(ICMA),collectivelyknownas“thePrinciples.”2Thesevoluntaryglobalmarketstandardshaveoutlinedbestpracticeforsustainablebondssince2014,promotingintegrityinthedevelopmentofthemarketbyclarifyingtheapproachforissuance.ThisGuidanceismeanttobeusedinconjunctionwiththesePrinciples.Itactsasadditionalthematicguidanceonuseofproceed(UOP)bondssuchasgreenbondsorsustainabilitybondstofinanceprojectssupportingtheSBEandoceanhealth.3Italsopointstothepossibleuseofsustainability-linkedbondsincorporatingbluekeyperformanceindicators(KPIs).(SocialprojectsrelatedtotheSBEcanbefinancedthroughasocialorsustainabilitybondorissuerscanusesocialKPIstounderlinetheirstrategy.)1Appendix2hasexamples.2ThelatestversionshouldbereferredtoastheGuidelinesundergoregularupdates.ICMA.2021.GreenBondPrinciples—VoluntaryProcessGuidelinesforIssuingGreenBonds;ICMA.2023.SocialBondPrinciples—VoluntaryProcessGuidelinesforIssuingSocialBonds;ICMA.2021.SustainabilityBondGuidelines;ICMA.2023.Sustainability-LinkedBondPrinciples—VoluntaryProcessGuidelines.3TounderlinethatblueisathemeunderthePrinciples,“bluebonds”areputin""inthisGuidance.BondstoFinancetheSustainableBlueEconomy2TheGuidancealsodrawsonpre-existingspecificguidancefromtheBlueFinanceGuidelinesoftheInternationalFinanceCorporation(IFC),theSustainableBlueEconomyFinancePrinciplesandpracticalguidancedocumentsoftheUnitedNationsEnvironmentProgramme-FinanceInitiatve(UNEPFI),theUNGlobalCompactPracticalGuidancetoIssueaBlueBondandSustainableOceanPrinciplesandguidancedocuments,andtheOceanFinanceFrameworkandGreenandBlueBondFrameworkoftheAsianDevelopmentBank(ADB).4Whilesome“bluebond”issuanceshaveandwillincludefreshwater-relatedprojects(e.g.,alignedwithIFC’sBlueFinanceGuidelines),thisGuidanceisfocusedonocean-relatedprojectsthatsupportSustainableDevelopmentGoal(SDG)14–LifeBelowWater.AlthoughthisGuidancefocusesonbonds,itmayalsobeapplicabletootherdebtinstrumentssuchasloans.5Inthecaseofloans,itisrecommendedthatthisGuidancebeconsideredalongsidetheGreenLoanPrinciplesandtheSustainability-linkedLoanPrinciples.6ImportanceoftheSustainableBlueEconomyThelanguageusedinrelationtosustainabilityandtheoceanisvaried,withdifferentglobalinstitutionsadoptingdifferentscopesanddefinitionsforwhatconstitutessustainabilityintheoceanforeconomicdevelopmentandfinance.Therangeofterminologyandsectorsencounteredcanincludetheoceaneconomy,marineeconomy,maritimeeconomy,maritimesector,andblueeconomy,eachofwhichtakesaslightlydifferentviewonwhatitincludes,particularlywithrelationtoextractiveindustries,sanitation,andwatermanagement.ForthepurposeofthisGuidance,theterminologySBEisusedtodefineinvestmentsthatprovideeconomicandsocialbenefitsforcurrentandfuturegenerations.Assuch,itmaintains,restores,andprotectsdiverse,productive,andresilientecosystems;haltsthelossofbiodiversity;enhancesenergyefficiency;andreducescarbonemissionsandpollutionwhileimprovinglivelihoodsandjobs.Itisbasedoncleantechnologies,renewableenergy,andcircularmaterialflows.Non-renewableextractiveindustries(e.g.,offshoreoilandgas,dredging,anddeep-seamining)aswellasunsustainablepracticesinothersectorsarethereforeexcluded.7ThedevelopmentofanSBE,includingthesustainablemanagementofmarinefisheries,theexpansionoflow-carbonaquaculture,thescalingofoffshorerenewableenergy,andthedecarbonizationofmaritimetransportisintegraltotacklingthetripleplanetarycrisisofarapidlychangingclimate,natureloss,andpollution.8Theoceanservesasavitalheatandcarbonsink,absorbingabout31%ofthecarbondioxideemissionsreleasedandregulatingtheglobalclimate.9ThetransitiontoanSBEisinstrumentalinachievingthegoalsoftheParisAgreement,with21%ofthereductioningreenhousegas(GHG)emissionsthatneedtotakeplaceinblueeconomysectors.104IFC.2022.BlueFinanceGuidelines.Washington,DC;UNEPFI.2021.SustainableBlueEconomyPrinciples.Geneva;UNEPFI.2021.BlueFinanceResources.Geneva;UNGlobalCompact.2020.PracticalGuidancetoIssueaBlueBond.NewYork;UnitedNationsGlobalCompact.2020.SustainableOceanPrinciples.NewYork;ADB.2022.OceanFinanceFramework.Manila;ADB.2021.GreenandBlueBondFramework.Manila.5Althoughbondsandloansareoneofmostprominentformsofmainstreamfinance,therearealsootherformsofoceanfinance.See:WorldEconomicForum.2020.TheOceanFinanceHandbook.6AsiaPacificLoanMarketAssociation,LoanMarketAssociation,andLoanSyndications&TradingAssociation.2022.GreenLoanPrinciples;AsiaPacificLoanMarketAssociation,LoanMarketAssociation,andLoanSyndications&TradingAssociation.2023.Sustainability-linkedLoanPrinciples.7UnitedNationsEnvironmentProgramme-FinanceInitiative.2022.RecommendedExclusionsforFinancingaSustainableBlueEconomy.Geneva.8UNEP.2020.Thetripleplanetarycrisis:Forginganewrelationshipbetweenpeopleandtheearth.9N.Gruberetal.,2019.TheOceanicSinkforAnthropogenicCO2from1994to2007.Science.363(6432).pp.1193-1199;H.-O.Pörtneretal,eds.2019.IPCCSpecialReportontheOceanandCryosphereinaChangingClimate.IntergovernmentalPanelonClimateChange(IPCC).10O.Hoegh-Guldbergetal.2019.TheOceanasaSolutiontoClimateChange:FiveOpportunitiesforAction.Washington,DC:WorldResourcesInstitute.IntroductionandBackground3Marineecosystemsandbiodiversityprovidemultipleecosystemservicesessentialtohumanlife,includingaprimarysourceofproteinto17%oftheworld’spopulation.11Biodiversityloss,andtheconsequencesthishasonfoodsystems,livelihoods,prosperity,andresilienceisapressingglobalchallenge.Inthepast2years,therehavebeenanumberofbreakthroughagreementsthatwillhelptopromoteactivitythatprotectsoceanhealth.Withapproximately11milliontonsofplasticflowingeachyearintotheocean,theendorsementinMarch2022oftheresolutionto“EndPlasticPollution”anddevelopaninternationallylegallybindingagreementby2024sendsamarketsignaltoshiftawayfromsingle-useplasticsandinvestincircularsolutions.12AttheUNBiodiversityConference(COP15)inDecember2022,the2030Kunming-MontrealGlobalBiodiversityFrameworkincludedatargettoprotectatleast30%oflandandoceangloballyby2030(“30×30target”).13InMarch2023,theUNHighSeasTreaty,alegalframeworkforpartsoftheoceanoutsidenationalboundaries,wasagreed.14Itrequiresthatenvironmentalimpactassessmentsmustbecarriedoutbeforeanynewexploitationofmarineresourcesinareasbeyondnationaljurisdictions.Italsoincludesprovisionsfortheequitablesharingofknowledge,technologies,andbenefitsfrommarinegeneticresources,alongsideestablishingalegalframeworkallowingthecreationofmarineprotectedareasininternationalwaters.ImportanceofBondstoFinancetheSustainableBlueEconomySustainablebondsincludeuseofproceedsbonds(green,social,andsustainability)aswellasgeneral-purpose(sustainability-linked)bonds.In2022,theglobalissuancevolumewas$862billion,droppingfromarecordhighof$1trillionin2021,withanalysisanticipatingabouncebackmovingforward.Researchshowsthat98%oftotalsustainablebondsissuedgloballyarealignedwiththeICMAPrinciples.15Greenbondscontinuetoconstitutethegreatestshareofthismarket,withgrowthinsocialbonds,sustainabilitybonds,andSLBs—SLBsbeingthenewestsegmentofthemarket.In2022,thegreen-labeledcumulativevolumereached$2.2trillionsince2006.16Between2018and2022,transactionsreportedlylabeledasbluereachedatotalvalueof$5billion.1711E.S.Brondizioetal.,eds.2019.GlobalAssessmentReportonBiodiversityandEcosystemServicesoftheIntergovernmentalScience-PolicyPlatformonBiodiversityandEcosystemServices.Bonn,Germany:IntergovernmentalScience-PolicyPlatformonBiodiversityandEcosystemServices(IPBES)Secretariat;FoodandAgricultureOrganizationoftheUnitedNations(FAO).2020.TheStateofWorldFisheriesandAquaculture2020:SustainabilityinAction.Rome.12ResolutionadoptedbytheUnitedNationsEnvironmentAssembly.2022.5/14EndPlasticPollution:TowardsanInternationalLegallyBindingInstrument.Nairobi.13DecisionadoptedbytheConferenceofthePartiestotheConventiononBiologicalDiversity.2022.15/4Kunming-MontrealGlobalBiodiversityFramework.Montreal.14UnitedNations.2023.DraftAgreementundertheUnitedNationsConventionontheLawoftheSeaontheConservationandSustainableUseofMarineBiologicalDiversityofAreasBeyondNationalJurisdiction.NewYork.15ICMAanalysisforyears2020,2021,and2022isbasedonEnvironmentalFinanceandLGXDataHub(excludingthedomesticmarketofthePeople’sRepublicofChina).ICMA.SustainableBondMarketData.16C.Michettietal.2023.SustainableDebtGlobalStateoftheMarket2022.ClimateBondsInitiative.17P.BosmanandF.DeMariz.2023.TheBlueBondMarket:ACatalystforOceanandWaterFinancing.IIBenefitsforIssuersBondscanbeusedtofinancetheSBEbyalltypesofpublicandprivatesectorissuers.18Theseinclude•sovereignsandsub-sovereignagenciessuchasmunicipalities,•multilateraldevelopmentbanks(MDBs)anddevelopmentfinanceinstitutions,•banksandotherfinancialinstitutions,and•largeandmedium-sizedcompanies.Foranissuer,themainadvantagesofissuing“bluebonds”aretypicallythatthey•accesstheuntappedfinancialpotentialintheblueeconomyandcreateopportunitiesforlargerandlonger-termfinancing;•offertheopportunitytoexpandintonewbusinesscategories,capturingthepotentialtobecomeamarketleaderinanewassetclass;•improvediversificationofitsinvestorbase,therebyexpandingfundingsourcesandpotentiallyreducingexposuretofluctuationsinbonddemand;•lead,insomecases,toimprovedfinancingcoststhroughexcessdemand;•leadtoreputationalbenefits(e.g.,marketingcanhighlightanissuer’senvironmentalcredentialsandsupportforblueinvestment);and•establishimprovedmonitoringandreportingrequirementstobettercaptureenvironmentalimpactsoffinancing.AsUOPbonds,“bluebonds”canalsohaveinternalbenefitsforissuerssuchas•increasedinternalawarenessonsustainabilityissuesandrelatedchangeincorporateculture;•integrationofsustainabilityconsiderationsintobusinessdecision-making;•increasedinteraction/synergiesbetweendifferentteamsonsustainabilitymatters;•adoptionofnewpolicies,processes,andinformationtechnologytoolstobettertracksustainableprojectsandassets;and•identificationandbettermanagementofsustainabilityrisks.18“Bluebonds”arejustoneformofbluefinance,andissuersshouldconsideriftheyarethemostappropriatestructurefortheirobjectives.III“BlueBonds:”WhichProjectsAreEligible?Beforecontemplatingfinancingthrougha“bluebond,”potentialissuersneedtoidentifyeligibleprojects.TheGBPexplicitlyrecognizeseveralbroadcategoriesofeligibilityforgreenprojectsthatcontributetofiveenvironmentalobjectives:(i)climatechangemitigation,(ii)climatechangeadaptation,(iii)naturalresourceconservation,(iv)biodiversityconservation,and(v)pollutionpreventionandcontrol.ThesearealsohighlyrelevantfortheSBE.The10eligibleprojectcategoriesundertheGBParedescriptiveratherthanprescriptivetoallowforawiderangeofgreenprojects,includingthosefocusedontheSBEtobefinanced.Thissectionaimstogiveissuersabetterunderstandingofwhatcouldbefinanced.BuildingontheGBPandsynthesizingotherkeydocuments,itbringstogetherexamplesofblueeconomyprojectsandeligibilitycriteriathatarecommonacrossinstitutions.Table1providesanindicativelistofblueprojectcategoriesthatcapturesthemostcommonlyusedtypesofprojectssupportedorexpectedtobesupportedbythe“bluebond”market.(Table1showstheeligiblegreen[environmental]projectcategoriesfromtheGBPingreenfont.AdditionalSBE-relatedprojectcategoriesareinbluefontandtheirestimatedcontributiontotheGBPenvironmentalobjectivesisindicatedwiththelittleblueshadedsquares.)Projectsincludeassets,investments,andotherrelatedandsupportingexpendituressuchasresearchanddevelopmentthatmayrelatetomorethanonecategoryand/orenvironmentalobjective.Designationtoaprojectcategoryisbasedontheinvestment’sprimarypurpose.AnintegratedapproachtoinvestmentsisencouragedinlinewithUNEPFI’sSBEFinancePrinciplesthatpromotetheidentificationofsystemicandcumulativeimpacts.BondstoFinancetheSustainableBlueEconomy6Table1:IndicativeBlueProjectCategoriesGBPEnvironmentalObjectivesIndicativeblueprojectcategoriesandsub-categories(closelyrelatedtoGBPcategory)ClimateChangeMitigationClimateChangeAdaptationNaturalResourceConservationBiodiversityConservationPollutionPreventionandControl1.CoastalClimateAdaptationandResilience(“ClimateChangeAdaptation”)Projectsthatsupportecologicalandcommunityresilienceandadaptationtoclimatechangeincludingusingnature-basedsolutions[Projectsmustbewithin50kmofthecoastorwithinthemarineenvironment]2.MarineEcosystemManagement,Conservation,andRestoration(“TerrestrialandAquaticBiodiversity”)Projectsthatmanage,conserve,andrestorethehealthofcoastalandmarineecosystems[Projectsmustbewithinthemarineenvironmentorwithin100kmofthecoast]3.SustainableCoastalandMarineTourismProjectsthatimprovetheenvironmentalsustainabilityofcoastalandmarinetourism4.SustainableMarineValueChains(“EnvironmentallySustainableManagementofLivingNaturalResourcesandLandUse”)Projectsthatimprovetheenvironmentalsustainabilityofmarinevaluechainsa.SustainablemarinefisheriesManagementb.Sustainableaquacultureoperations(algae,bivalves,fish,andseagrass).c.Seafoodsupplychainsustainability5.MarineRenewableEnergy(“RenewableEnergy”)ProjectsthatincreasecontributionofmarineandoffshorerenewableenergytoenergymixandrenewableenergyprojectsthatsupportotherSBEsectorswhilesafeguardingthemarineenvironment.Theseinclude:•Offshorewind(bothfixedandfloatinginstallations)•Wave•Tidal•Floatingsolar•Oceanthermalenergyconversioncontinuedonnextpage“BlueBonds:”WhichProjectsareEligible?7GBPEnvironmentalObjectivesIndicativeblueprojectcategoriesandsub-categories(closelyrelatedtoGBPcategory)ClimateChangeMitigationClimateChangeAdaptationNaturalResourceConservationBiodiversityConservationPollutionPreventionandControl6.MarinePollution(“PollutionPreventionandControl”/“SustainableWaterandWastewaterManagement”/“CircularEconomyAdaptedProducts,ProductionTechnologiesandProcesses”)Projectsthatprevent,control,andreducewastefromenteringthecoastalandmarineenvironmentsa.Wastewatermanagementb.Solidwastemanagementc.Resourceefficiencyandcirculareconomy(Wastepreventionandreduction)d.Non-pointsourcepollutionmanagement[Forwastewatermanagement,projectsmustbewithin100kmofthecoast.Forsolidwastemanagement,projectsmustbewithin50kmofthecoastorariverthatdrainstotheocean.Fornon-pointsourcepollutionmanagement,projectsmustbewithin200kmofthecoastorwithin50kmofrivers(andtheirtributaries)thatflowtotheocean]7.SustainablePorts(“CleanTransportation”)Projectsthatincreaseenvironmentalperformanceandsustainabilityofportfunctionsandinfrastructure8.SustainableMarineTransport(“CleanTransportation”)ProjectsthatinvolveincreasingenvironmentalperformanceandsustainabilityofmaritimetransportationGBP=GreenBondPrinciples,km=kilometer.Note:Symbolsdenotethecategories'contributiontotheobjective.(i)=Primary(ii)=Secondary(iii)=TertiarySource:Synthesispre-existingguidancefromauthors.Table1continuedBondstoFinancetheSustainableBlueEconomy8BondstoFinancetheSustainableBlueEconomy8MarinelifeinBatangas.Healthycoraliscriticalformaintainingoceanbiodiversity,Philippines(photobyADB).IVAlignmentwiththePrinciples“BlueBonds”TheGBPdefinegreenbondsas“anytypeofbondinstrumentwheretheproceedsoranequivalentamountwillbeexclusivelyappliedtofinanceorre-finance,inpartorinfull,newand/orexistingeligibleGreenProjectsandwhicharealignedwiththefourcorecomponentsoftheGBP.”ThefourcorecomponentsoftheGBPare(i)useofproceeds,(ii)processforprojectevaluationandselection,(iii)managementofproceeds,and(iv)reporting(allocationandimpact).Inaddition,theGBPputforwardtwokeyrecommendationsforissuers:(i)tocreateabondframework,and(ii)toobtainanexternalreview.TheGBPrecognize“bluebonds”asbondissuanceswiththeobjectiveofemphasizingtheimportanceofthesustainableuseofmaritimeresourcesandofthepromotionofrelatedsustainableeconomicactivities.19Greenbondsthatfinance100%blueprojectscanbelabeledbyanissueras“bluebonds.”Such“bluebonds”arealsogreenbondsaslongastheyalignwiththefourcorecomponentsoftheGBP.Blueprojectscanalsobefinancedundersustainabilitybondsthatweredesignedtoencompassbothgreen(blue)andsocialprojects.GuidanceforsustainabilitybondsisprovidedbytheSBG.Itisalsounderstoodthatgreen(blue)projectscanhavesocialco-benefitsandviceversa.UnderthePrinciples,theclassificationofauseofproceedsbond(asagreen,“blue,”sustainabilityorsocialbond)shouldbedeterminedbytheissuerbasedonitsprimaryobjectivesfortheunderlyingprojects.Figure1illustratestheinteractionbetweengreen,“blue,”sustainability,andsocialbondsasdescribedinthePrinciples.19ICMA.2021.GreenBondPrinciples—VoluntaryProcessGuidelinesforIssuingGreenBonds.AppendixNote3.GreenBondSocialBondSustainablityBondBlueBondFigure1:TypesofUse-of-ProceedsBondsSource:BasedonICMAPrinciples.BondstoFinancetheSustainableBlueEconomy10IncorporatingBlueintoanIssuer’sStrategywithSustainability-LinkedBondsBeyondUOPinstruments,sustainablebondsincludesustainability-linkedbonds(SLBs),astillrelativelynewgeneral-purposeinstrument.SLBsfocusontheoverallsustainabilityperformanceofanissuerbasedonKPIsmeasuringprogresstowarddefinedsustainabilityperformancetargets(SPTs).Themostusedstructureisthepotentialvariationofthebondcoupon.IfanissuerdoesnotachieveitsSPTs,thefinancialand/orstructuralcharacteristicsofthebondwillbenegativelyimpacted,which,inthemarket,takestheformofacouponstep-up.TherehavealsobeenaverylimitednumberoftransactionswhereifanissuerexceedsitsKPIs,itwillberewardedbyacouponstep-down.ToassesstheselectedKPIs’performanceinrelationtothepre-definedSPTs,issuerspublishregularreportsandsolicitindependentandexternalverification.FullguidanceforSLBscanbefoundintheSLBP,whichidentifyfivecorecomponentsforthesesustainableinstruments:(i)SelectionofKPIs,(ii)CalibrationofSPTs,(iii)Bondcharacteristics,(iv)Reporting,and(v)Verification.SLBscanincludeKPIslinkedtotheSBEandcanthereforeservetofinanceanissuer’soverallstrategyinthisarea.BasedontheSLBP,theKPIsshouldbe•relevant,core,andmaterialtotheissuer’soverallbusiness,andofhighstrategicsignificancetotheissuer’scurrentand/orfutureoperations;•measurableorquantifiableonaconsistentmethodologicalbasis;•externallyverifiable;and•abletobebenchmarked,i.e.,asmuchaspossibleusinganexternalreferenceordefinitionstofacilitatetheassessmentoftheSPTs'levelofambition.AnillustrativeregistryofKPIscanbefoundontheICMAwebsite.TheregistryprovidesatablewithpotentialKPIsforvarioussectorsandsub-sectorsandindicateswhichsustainabilitythemescouldbemostmaterialormaterialtowhichsector.Whiletheoceanisexplicitlyincludedinthewatertheme,KPIsunderotherthemessuchasclimatechangeandbiodiversitycouldalsobelinkedtotheSBEifsuitable.BondstoFinancetheSustainableBlueEconomy10AlignmentwiththePrinciples11SocialIssuesandtheSustainableBlueEconomyThereisgrowingconsensusthatanSBEcanonlybeachievedifit20•facilitatesequitableaccesstoresources,•promotesthefairdistributionofbenefits,and•safeguardsthemostvulnerablefromfurtherrisksorharm.Investmentsshouldthereforeatleastavoid•violationofhumanrights,includingrightsofindigenouscommunities;•reductionorlossofaccesstosustainableandinclusivelivelihoods;•increasedlikelihoodofinjury,diseaseorlossoflife;and•inequalityofopportunitiesbasedonage,sex,disability,race,ethnicity,origin,religionoreconomicorotherstatus.Blueprojectscanhavesocialco-benefitsincludingfairlaborconditions,genderequity,socialinclusion,health,povertyreduction,andeconomicempowerment.SocialaspectswithintheSBEcanalsobedirectlyaddressedbyfinancingsocialprojectswithasocialbondoraspartofasustainabilitybond.Furthermore,socialKPIscanbeincludedtosupportanissuer’ssocialstrategywithanSLB.TheSBPdefinesocialbondsas“anytypeofbondinstrumentwheretheproceeds,oranequivalentamount,willbeexclusivelyappliedtofinanceorre-financeinpartorinfullnewand/orexistingeligibleSocialProjectsandwhicharealignedwiththefourcorecomponentsoftheSBP"(equivalenttotheGBP).Socialprojectsdirectlyaimtotackleoralleviatespecificsocialissuesand/orseektoachievepositivesocialoutcomesprimarilybutnotexclusivelyfor(a)targetpopulation(s).Asocialissuethreatens,impedes,ordamagesthewell-beingofsocietyoraspecifictargetpopulation.Issuerscanissueasocialbondtoraisefinanceforeligiblesocialprojectsintheblueeconomyrelatedto,forexample,health,education,employmentgeneration,andfoodsecurity.Issuersshouldfurtherspecifyatargetpopulation(s)benefitingfromtheoutcomesorimpactsofthesocialprojects.Examplesofsocialprojectsthatcanbefoundintheblueeconomyaretargetedatthoselivingbelowthepovertyline,excludedand/ormarginalizedpopulationsand/orcommunities,peoplewithdisabilities,migrantsand/ordisplacedpersons,undereducated,andunderserved,owingtoalackofqualityaccesstoessentialgoodsandservices.IssuersofSLBswhowouldliketosupporttheimplementationofsocialaspectsintheirstrategyrelatedtotheSBEcanfindillustrativeexamplesofsocialKPIsinICMA’sKPIregistry.21PotentialKPIscouldberelatedtodiversity,accessandaffordability,orworkingconditions.Appendix1includessomeexamplesofsocialco-benefitsfortheblueprojectcategoriesinTable1.20HighLevelPanelforaSustainableOceanEconomy21ICMA.2023.Sustainability-LinkedBondPrinciples.VoluntaryProcessGuidelines.V“BlueBond”IssuanceProcessTheissuanceofapubliclytradedbondinthecapitalmarketsisacomplexprocessthatissubjecttosecuritieslawsanddedicatedregulatorsthatarespecifictoeachjurisdiction.Boursesandexchangesalsohavetheirownrequirementsandrules.Itisimperativethatissuershireappropriatefinancialandlegaladviserstoguidethemthroughtheprocess.Accordingly,thepurposeofthissectionistoidentifythespecificityoftheissuanceofaUOPinstrumentsuchasa“bluebond”ratherthansummarizethevariousstepsofadebtsecuritytransaction.Inthis,issuerswillneedtoreflectthevoluntaryguidanceofthePrinciplesprovidedbyICMA.Pre-issuanceA.CreateaBondFrameworktoFinancetheSBEAbond(orsometimesfinancing)frameworkisthefoundationofsustainablebondissuances.Theframeworkisapubliclyavailabledocumentthatoutlineshowtheissuerwillensurethatits“bluebond”isalignedwiththefourcorecomponentsofthePrinciples:(i)Useofproceeds,(ii)Processforprojectevaluationandselection,(iii)Managementofproceeds,and(iv)Reporting(AllocationandImpactReporting).Thegreen(blue)bondframeworkcanalsoreflecthowthebondisintendedtocontributetoglobalsustainabilitytargetssuchastheSDGs.Theframeworkshoulddescribetheissuer’soverarchingsustainabilityobjectives,policies,andstrategy.Investorswillconsiderthebondframeworkwhendecidingtoinvestinabond.Theframeworkistypicallydevelopedjointlywiththeissuer’sadvisers,includingthespecializedteamofitsleadunderwritingbankaswellasenvironmentalconsultantswhenneeded.UsefulICMAresourcesinadditiontothePrinciples•Pre-issuancechecklistforgreen(blue)bonds;•GuidanceHandbookprovidesadditionalinformationinformofQ&AsonhowtointerpretthePrinciplesespeciallyfortheirpracticalapplicationfortransactions,aswellasinthecontextofmarketdevelopmentandcomplementaryinitiatives;22and•mappingoftheSDGs,whichseekstoofferabroadframeofreferencebywhichissuers,investorsandbondmarketparticipantscanassessthefinancingobjectivesofagivengreen(blue),social,orsustainabilitybondprograminrelationtotheSDGs.2322ICMA.GuidanceHandbook.ThelatestversionshouldbereferredtoastheGuidelinesundergoregularupdates.23ICMA.MappingoftheSustainableDevelopmentGoals.ThelatestversionshouldbereferredtoastheGuidelinesundergoregularupdates.IssuanceProcessforBondsfinancingtheSustainableBlueEconomy13B.DefineandConfirmProjectCategoriesEligibleblueprojectscancoverthefinancingorrefinancingofinvestmentsandotherrelatedandsupportingexpenditures,aswellasphysicalandfinancialassetsincludingbankloanportfolios.Issuerscanrefertothenon-exhaustivelistofeligibleprojectcategoriesundertheGBP.ThisGuidanceprovidesadditionalguidanceoneligibleblueprojectcategoriesinAppendix1below.Environmentalandsocialrisks.Thefocusofgreen(includingblue)bondsisontheeligibleprojectsratherthanontheissueritself.ItshouldnonethelessbenotedthattheGBPrecommendthatissuersclearlycommunicatetoinvestorstheirenvironmentalsustainabilityobjectivesoverall,andhowtheyidentifyandmanagepotentialenvironmentalandsocialrisksassociatedwiththeselectedprojects.ExamplesofprojectsthatshouldbeexcludedarelistedinAppendix1.FurtherspecificdetailonexclusionscanbefoundintheUNEPFIpublication“RecommendedExclusionsforFinancingaSustainableBlueEconomy.”C.ObtainanExternalReviewThePrinciplesrecommendthatissuersappoint(an)externalreviewprovider(s)toassess,throughapre-issuanceexternalreview,thealignmentoftheirgreen(blue)bondorgreen(blue)bondprogramand/orframeworkwiththefourcorecomponentsoftheGBP.Whiletherearemultipletypesofexternalreviews,themostcommonapproachistoseekasecondpartyopinion(SPO)onthebondframeworkandmakeitpubliclyavailableontheissuer’swebsite.ThisisgenerallydonebytheissuercontractinganSPOprovider.24SPOsareimportanttodisclosetobothpotentialinvestorsandotherkeystakeholdersofthecompany,country,orinstitution.Post-issuanceD.ManagementofProceedsAnessentialfeatureofthePrincipleswithrespecttoUOPbondsisthefocusonmanagementandallocationofproceeds.Itisimportanttonotethatmarketpracticehasmovedincreasinglytothesimplertrackingof“equivalentamounts”ofnetproceedsratherthantheothermethodsmentionedintheGBP.Itiscrucialtounderlinetherecommendationforissuerstouseanexternalauditor,orathirdparty,toverifytheinternaltrackingmethodandtheallocationoffundsderivedfromthenetproceeds.E.AllocationandImpactReportingThePrinciplesrecommendannualreportingofbothallocationstoprojectsandtheirexpectedimpact.Impactreportingisalsoessentialasinvestorswanttobeinformedofpositiveoutcomesoftheirinvestments.WhilethereisnogloballyacceptedlistofimpactmetricsforSBEprojectsgiventhattheyspanfromseafoodtotourismandtomarineprotectedareas,ICMA’sHarmonisedFrameworkforImpactReportingneverthelessincludesexplicitindicatorsforreportingoftheimpactof“bluebonds,”underseveralprojectcategories,includingBiodiversity,ClimateChangeAdaptation,andLivingNaturalResources.25Appendix1ofthisGuidanceprovidesalistofexamplesthatissuerscouldusetoreportonoutputsandimpactsof“bluebonds."F.ObtainanExternalReviewPost-issuance,itisrecommendedthatanissuer’smanagementofproceedsbesupplementedusinganexternalauditor,orathirdparty,toverifytheinternaltrackingandtheallocationoffundsfromthegreen(blue)bondproceedstoeligiblegreen(blue)projects.24MoredetailsontypesofexternalreviewandhowtomanagethereviewprocesscanbefoundinICMA’sGuidelinesforExternalReviewers,whichprovidesvoluntaryguidancerelatingtoprofessionalandethicalstandardsforexternalreviewers,aswellastotheorganization,contentanddisclosurefortheirreport,andADB’sGuidanceonIssuingGreenBonds.25ICMA’sHarmonisedFrameworksforImpactReportingofbothgreenandsocialbondsoutlinegeneralcoreprinciplesandrecommendationsforreportingtoprovideissuerswithareferenceastheydeveloptheirownreporting:ICMA.2022.Handbook:HarmonisedFrameworkforImpactReporting.“BlueBond”IssuanceProcess13Appendix1:ExamplesofExclusionsandReportingonOutputsandImpactsof“BlueBonds”BasedontheblueprojectcategoriesinTable1,examplesofactivitiesthatshouldbeexcluded,projectoutputs,andimpactindicatorsareprovidedhereforthefollowing:(i)CoastalClimateAdaptationandResilience(ii)MarineEcosystemManagement,Conservation,andRestoration(iii)SustainableCoastalandMarineTourism(iv)SustainableMarineValueChains(a)SustainableMarineFisheriesManagement(b)SustainableAquacultureOperations(c)SustainableDownstreamOperations,IncludingTransparencyandTraceabilityAcrossSupplyChains(v)MarineRenewableEnergy(vi)MarinePollution(a)WastewaterManagement(b)SolidWasteManagement(c)ResourceEfficiencyandCircularEconomy(d)Non-pointSourcePollution(vii)SustainablePorts(viii)SustainableMarineTransportNotethattheseoutputsandindicatorsarebynomeansanexhaustiveandfullycomprehensivelist—ratherthefollowingtablesaremeanttoprovidealistofexamplesforeachcategory.Appendixes151.COASTALCLIMATEADAPTATION&RESILIENCE1.COASTALCLIMATEADAPTATION&RESILIENCEEXCLUSIONS:•GreyinfrastructureinecologicallysensitiveareasImpactReportingExampleProjectOutputsExampleImpactIndicatorsNature-basedsolutionstocoastalprotectionimplementedAreabenefitingfromimprovedclimateresilienceanddisasterriskmanagement(ha)Reductioninland-lossfromcoastalerosion(km²)Hybrid(“greygreen”)solutionstocoastalprotectionimplemented(e.g.,combinationofgreystructureslikegroins,breakwaters,andseawallswithgreensolutionslikerestorationofvegetationonseawalls)Areabenefitingfromimprovedurbanenvironment,climateresilience,anddisasterriskmanagement(ha)CoralreefsprotectedorrestoredtohelpprotectcoastalcommunitiesfromdisasterimpactsAreaofprotectedorrestoredhabitat(ha)Maintenanceandsafeguarding(km²)andincrease(%)ofprotectedarea/othereffectivearea-basedconservationmeasure/habitatChangesinCO₂,nutrient,and/orpHlevelsforcoastalvegetation,andcoralreefs(%)Mangroveforestsustainablymanaged,conserved,orenhancedtoreducetheimpactofwavesandreducestormsurgeandflooddepthMangroveforestunderimprovedconservationand/orrestoration(ha)Integratedcoastalzonemanagementplandevelopedand/orimplementedCoastalareaimprovedthroughintegratedcoastalzonemanagement(ha)BeachrestoredthroughartificialbreakwaterandduneplantingAreaofnewlyrestoredbeachasaresultofinvestment(ha)PotentialSocialCo-BenefitsImprovedearlywarningsystemsNumberofpeopleand/orenterprises(e.g.,companiesorfarms)benefittingfrommeasurestomitigatetheconsequencesoffloodsanddroughts2.MARINEECOSYSTEMMANAGEMENT,CONSERVATION,ANDRESTORATIONExampleProjectOutputsExampleImpactIndicatorsMarineProtectedAreasestablished,ormanagementstrengthenedMarineEnvironmentwithimprovedmanagement(ha)MarineSpatialPlans(MSPs)developedwiththeappropriateMSPtoolsinplaceMarineEnvironmentwithimprovedmanagement(ha)Criticalecosystems(e.g.,mangroveforests,coralreef,seagrassmeadow,coastalwetland,riverembankment,orsaltmarsh)sustainablymanaged,conservedorrestoredCoastalormarineareaunderimprovedmanagement,conservation,orrestoration(ha)Increaseinareaoffragileandsensitivehabitat/ecosystem(%)InvasivespecieseradicationorcontrolprogramsimplementedReductionininvasivespeciespopulations(biomass)(outcome)Management,monitoring,andenforcementsystemsutilizinghigh-levelanddigitaltechnologiesdeveloped(includingdatamanagementtools)Coastalormarineareaunderimprovedmanagement,conservation,orrestoration(ha)PotentialSocialCo-BenefitsCommunitybenefitfromafundedprojectTargetpopulationrepresentedindecisionmakingprocessesandstructuresoverresourceaccessanduse(number)Appendixes163.SUSTAINABLECOASTALANDMARINETOURISMEXCLUSIONS:•Destinationdevelopmentwithnegativeenvironmental,social,andgovernanceimpactswithinprotectedareas,criticalhabitatforendangered,threatened,andprotected(ETP)species,orareasprovidingvitalecosystemservicessuchascoastalflooddefense•Involuntarydisplacementoflocalcommunities•AirpollutionincludingGHGemissions•WaterpollutionExampleProjectOutputsExampleImpactIndicatorsSustainabletourismmanagementpolicies,plans,orregulationsdevelopedtonational,regional,orglobalstandardsPolicies,plans,orregulationsdrafted(number)Managing,conserving,orrestoringcriticalecosystemsRevenuesgeneratedfrompermittedvisitorsOperators(number)certifiedtoGSTC-accreditedsustainabletourismcertificationsEnergyandwaterefficiencyprogramsforcoastaltourismfacilitiesanddestinationsimplementedEntitieswithimprovedmanagementofenergyandwaterresources(number)(outcome)SolidwasteandwastewatermanagementcapacityforcoastaltourismdestinationsimprovedAdditionalwastewatermanagementandsolidwastemanagementcapacityinstalledorimplemented(liters/tons)AbsoluteorpercentatgereductioninlocalpollutantsPotentialSocialCo-BenefitsBehaviorchangecampaigntoincreaseenvironmentallysustainablebehaviorsbytourists(orcommunity)implementedBehaviorchangecampaignscompleted(number);fundamentalknowledge,actionand/orbehaviorimproved(surveyresults)(outcome)Appendixes17a.SustainableMarineFisheriesManagementEXCLUSIONS:•SpeciesontheInternationalUnionforConservationofNature(IUCN)Red-listforEndangered,Threatened,orProtectedSpecies(ETP)•Lackofcompliancewithlocal,national,orinternationallawsandregulations•Destructiveandillegalfishingpractices•Lackofbycatchavoidance/mitigationmeasures.sExampleProjectOutputsExampleImpactIndicatorsEcosystem-basedfisheriesmanagementplansdevelopedandimplementedManagementplansdevelopedandadopted(number)Agreementsonregionalcooperationforreformingfisheriesstandardsandimprovingcompliancedeveloped,particularlyaboutillegal,unreported,andunregulatedfishingVesselcompliance(%)IntegrationofbycatchexclusiondevicesinfishingfleetsAvoidedbycatch(tons)(outcome)Fishinggearmodificationprograms,policies,andplanstoreduceghostfishingimplementedSolutionstoreduceghostfishingimplemented(number)PotentialSocialCo-BenefitsImprovedlaborpoliciesandmeasurestopreventforcedandchildlaborManagementplansdevelopedandadopted(number)b.SustainableAquacultureOperationsEXCLUSIONS:•Farmsitingillegalorimpactingonkeyecologicalareas•UseofharmfulchemicalsExampleProjectOutputsExampleImpactIndicatorsDevelopmentofnew,orupgradestoexistinginfrastructureforsustainableaquaculture,algaculture,and/ormaricultureProductionofsustainableaquaculture,algaculture,and/ormariculture(tons)(outcome)DevelopmentofnewtechnologiestoreducepollutionfromaquaculturesystemsNewtechnologiesdeveloped(number)Researchanddevelopmentofalternative(notwild-caught)feedsforaquacultureNewfeedsidentifiedfortesting(number)Developmentofrestorativeaquacultureprojectstoimprovewaterquality,carboncapture,andsustainablesuppliesofaquaticfoodsReductionofnutrientconcentrationsinmarinewaters(%ormmol)DevelopmentofnationalsustainableaquaculturepoliciesandplansNewpoliciesorplans(number)PotentialSocialCo-BenefitsFoodsecurityforvulnerablepopulationsenhancedReductioninmalnutritionamongtargetpopulation(%)4.SUSTAINABLEMARINEVALUECHAINSc.SeafoodSupplyChainSustainabilityEXCLUSIONS:•Labororhumanrightsabuses•WorkforcediscriminationExampleProjectOutputsExampleImpactIndicatorsColdstorageandprocessingfacilities,certificationschemes,traceability,marketing,andotherinitiativesestablishedorimproved.(Toincreasevalueofsustainablycaughtorfarmedseafood)Revenuetofishersincreased($)(outcome)SustainablyharvestedfishaspercentageoftotalsupplychainUsingpolicyandtechnologytostrengthentraceabilityofseafoodsupplychainsSupplychainsinwhichtraceabilityhasbeenstrengthened(number)EnhancingenergyefficiencyofseafoodprocessingcentersTotalGHGemissionsreduction(tCO2e/year)(outcome)Appendixes185.MARINERENEWABLEENERGYEXCLUSIONS:•LocatedinareaswithhighecologicalvalueorthatendangerhabitatsofETPspecies•Seabeddisturbanceandimpacts•Significantnoisepollution•AirPollutionincludingGHGExampleProjectOutputsExampleImpactIndicatorsOffshorewindfarminstallationAnnualGHGemissionsreduced/avoidedintonsofCO2eAnnualrenewableenergygenerationinMWh/GWh(electricity)andGJ/TJ(otherenergy)End-of-lifedecommissioningofoffshorewindfarminstallationThird-partyverificationthatthedecommissioningprocesswascompletedusingbestpracticestandardsPhysicaldesignimprovementsimplementedtoincreaseefficiencyofrenewableenergyinstallationandsurroundinginfrastructureAverageenergygenerationincreased(%)Averagedenergyusagedecreased(%)Researchanddevelopmentintocoastalrenewableenergygeneration,toincreaseefficiency,reducecosts,andminimizeorenhancenatureimpactsNumberandscaleofprojectsfinanced/outcomesNumberofnewtechnologiesproducedPotentialSocialCo-BenefitsRegionaltrainingprogramstobuildcapacityandskillsinrenewableenergydevelopmentandmanagementRe-staffingfromoilandgas(polluting)industriestorenewableenergyofemployeeswithsimilarskills’needs(e.g.,offshoreplatforms)Localjobscreatedfortargetpopulation(number)Targetpopulationthatgain"X"qualificationafterparticipatingintheprogram(number)Appendixes196.MARINEPOLLUTIONEXCLUSIONS:•Built-inobsolescence•Lackofcompliancewithpoliciesandregulationsa.WastewaterManagementExampleProjectOutputsExampleImpactIndicatorsWastewatercollectionandtreatmentsystemsbuiltorupgradedWastewatertreatmentcapacityaddedorimproved(m3/day)PoliciesandregulationstoimprovewastewatercollectionandtreatmentAnnualabsolute(gross)amountofwastewaterdischargeavoidedbeforeandaftertheprojectinm3/aandp.e./aandas%(outcome)PotentialSocialCo-BenefitsLowerexposureofcoastalcommunitiesandoceanuserstohealthhazardsofchemicalandsewagepollutionTargetpopulationbenefitingfromlowerratesofpollution-relatedissuesafterexposuretocoastalmarineenvironmentb.SolidWasteManagementIntegratedsolidwastemanagementsystemsandinfrastructure(including“reduce,reuse,andrecycle”approaches)improvedWasteprevented,minimized,reused,orrecycledbeforeandaftertheproject(%oftotalwasteand/orinabsoluteamountintonsperannum)(outcome)CoastalorriversidelandfillsoropendumpsrehabilitatedtoimprovecontainmentRehabilitatedlandfillsoropendumps(number)UrbanstormwatermanagementsystemsimprovedtopreventplasticsandotherwastefromenteringwaterwaysduringfloodsStormwatermanagementsystemsimproved(number)Regionalorsubregionaltechnicalstandardsforplasticstypes,recycledplastics,andplasticproductsdevelopedRegionalstandardsdeveloped(number)Amountsofplasticmaterialsproperlycollectedanddisposed,orrecycled,peryear(tons)Policyandregulatorymeasures(e.g.,market-basedinstrumentsandfiscalincentives)toincreasecollectionratesdevelopedPoliciesandregulationsdrafted(output)andadopted(number)(outcome)PotentialSocialCo-BenefitsEvidencethatwasteinfrastructuredevelopmentandimprovementplansintegrateinformalwastesectorworkersPlansforinclusion(number)c.ResourceEfficiency&CircularEconomyInnovativetechnologiesorapproachesthatreducesingle-useplasticproductionorconsumption,orthatkeepplasticsoutoftheocean,developedand/orpilotedSolutionstoenhanceplasticpollutioncontrolandresourceefficiencyimplemented(number)(outcome)Capacity-buildingprogramsoncirculareconomyimplementedEntitiesincorporatingcirculareconomyprinciples(number)(outcome)Wastethatisprevented,minimized,reused,orrecycled(%oftotalwaste)or(absoluteamountintonsperannum)d.Non-PointSourcePollutionSustainableagricultureprogramsthatreduceinputsoffertilizerandagrochemicalsdevelopedFertilizerandagrichemicalusethatisprevented(tonsperannum)(outcome)Soilerosionalongriversthatflowtotheoceanreducedthroughforestprotection,reforestation,andincreasingvegetationinriparianzonesProtectedforest,reforestation,andplantedriparianzones(ha)Landuseplanning,policies,andregulationsdevelopedtoreducenon-pointsourcepollution(e.g.,puttingsustainablelandandwaterresourcesmanagementsystemsinplace)Areacoveredbysustainablelandandwaterresourcesmanagementpractices(ha)(outcome)NewtechnologiestoreduceagriculturalpollutiondevelopedNewtechnologiesdeveloped(number)PotentialSocialCo-BenefitsImprovedsafetystandardsandworkingconditionsforagriculturalworkersTargetpopulationbenefittingfromimprovedsafetystandards(number)Targetpopulationbenefittingfromimprovedsafetytraining(numberandtype)Losttimeincidentsper100personyears(days/100personyears)Appendix20Appendixes207.SUSTAINABLEPORTSEXCLUSIONS:•Portswithairpollutionfines•Non-compliancewiththeInternationalConventionforthePreventionofPollutionfromShips(MARPOL),InternationalMaritimeOrganization(IMO),nationalregulations,andbestpracticeforsolidandchemicalwaste/runoffsfromportsintosea•Evidenceofoilspillsandnon-compliancewithMARPOL,IMO,nationalregulationsandbestpracticeforoiltransferandmanagement•LossofcriticalIUCNred-listedhabitatsandspeciesinthedevelopmentandimplementationoftheport•BuildingongreenfieldsitesExampleProjectOutputsExampleImpactIndicatorsPortenvironmentalmanagementsystemsdevelopedorimprovedPortswithimprovedenvironmentalmanagement(number)OilspilldisastermanagementplanswithtrainingprogramsforportworkersimplementedEntitieswithimprovedplanning,policies,andregulations(number)Oilspilldisasterprotocolsestablished(number)andsuccessfullytested(number)insimulateddisastersPortrenewableenergygenerationsystemsbuiltorupgradedTotalGHGemissionsreduction(tCO2e/year)(outcome)PortwastereductionandrecyclinginitiativesimplementedPort-generatedwastethatisprevented,minimized,reused,orrecycled(%oftotalwasteand/orinabsoluteamountintonsperannum)(outcome)IntegrationofsustainableportsintowidersustainabledevelopmentplansandmarinespatialplansSpatialmanagementandoperationalpoliciesinplacetoprotectmarinespeciesPotentialSocialCo-BenefitsCommunityandstakeholdersupportforportoperationsDevelopmentofaCommunityBenefitsAgreement(CBA)thatoutlinespubliclyacceptedbenefitsthecommunitywillreceivefromtheoperationsoftheport.8.SUSTAINABLEMARINETRANSPORTEXCLUSIONS:•VesselsrunningfullyonfossilfuelsincludingLNG•VesselsexceedinglimitvaluesforSOx,NOx•CompaniesinviolationofIMOBallastWaterTreatyorlackinghulltreatmentsagainstbiofouling•CompaniesthatarenotincompliancewithIMOandMARPOLregulationsrelatingtowastedisposalatsea,orthataredisposingoftoxicandquantifiablyhighlevelsofanywasteintotheseaExampleProjectOutputsExampleImpactIndicatorsRetrofittingvesselsfordecarbonizationandemissionsreduction,energyefficiency,orimprovedballastmanagementShipswithnewmeasures(number)AnnualGHGemissionsreduced(tCO2e)Commissioningvesselsthatutilizealternativestoheavyfueloil,provideimprovedfuelefficiency,leveragealternativetechnologiesforlow-carbontransport,orpresentsignificantlyloweremissionsprofilesShipswithnewmeasures(number)AnnualGHGemissionsreduced(tCO2e)Sustainablevesseldeconstructionandrecycling(orscrapping)Shippingcompaniesusingresponsibleshipbreakingpractices(number)(outcome)IntegrationofmaritimetransportationwithmarinespatialplanningandintegratedzonemanagementSpatialmanagementandoperationalpoliciesinplacetoprotectmarinespeciesPotentialSocialCo-BenefitsPercentagesoffemaleseafarerrecruitsandoffemaleseafarersinseniormanagementPercentageoverx%CO2=carbondioxide,GHG=greenhousegas,GJ=gigajoules,GSTC=GlobalSustainableTourismCouncil,GWh=gigawatt-hour,ha=hectare,km2=squarekilometer,LNG=liquefiednaturalgas,m3=cubicmeter,m3/a=cubicmeterperannum,MWH=megawatthour,NOx=nitrogenoxide,p.e./a=privateequityperannum,SOx=sulfuroxide,tCO2e=tonofcarbondioxideequivalent,TJ=terajoule.Source:Author'sowncompilation.Appendix2:Examplesof“BlueBond”IssuanceAligningwiththeGreenBondPrinciplesandSustainability-LinkedBondPrinciplesUOP“BlueBonds”IssuerAsianDevelopmentBank—MultisectorSizeA$208&NZ$217c.$300millionYearSeptember2021DescriptionFirstMDBissueunderagreenandbluebondframework.ComplementingADB’sHealthyOceanActionPlan,sectorsthatareeligibleforfinancingincludefisheries,aquaculture,agriculture,wastewaterandsanitation,solidwastemanagement,marinerenewableenergy,andgreenportsandshippingwhereinvestmentswillcontributetooceanhealththroughecosystemandnaturalresourcemanagement,pollutioncontrol,sustainablecoastalandmarinedevelopment,andoceanfinance.SPOCenterforInternationalClimateandEnvironmentalResearch-Oslo(CICERO)https://www.adb.org/sites/default/files/related/366261/cicero-shades-spo-adb-20210810.pdfFrameworkhttps://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdfOtherLinksFrameworkbasedontheADBOceanFinanceFrameworkhttps://www.adb.org/sites/default/files/publication/777461/adb-ocean-finance-framework.pdfIssuerBDOUnibankInc—MultisectorSize$100millionYearMay2022DescriptionFirst“bluebond”issuedbytheprivatesectorinSoutheastAsia.Thisissuancewillexpandfinancingforprojectsthathelppreventmarinepollutionandpreservecleanwaterresources,whilesupportingthecountry’sclimategoals.Thebluebondhasatenorof7years.SPOBDOSustainableFinanceFrameworkSecond-PartyOpinion(sustainalytics.com)FrameworkBDO-Sustainable-Finance-Framework-May2022.pdfOtherLinkshttps://www.bdo.com.ph/news-and-articles/BDO-Unibank-Blue-Bond-USD-100-million-first-private-sector-issuance-southeast-asia-IFC-marine-pollution-prevention-clear-water-climate-goals-sustainabilityIssuerKEXIMBank-MaritimeTransportationSize$1billionYearJanuary2023DescriptionKEXIM,thegovernment-runbankissued3-yearforeigncurrencybondsworth$3.5billion.Aspartofthisoffering,$1billionin10-yearglobalbondswereissuedintheformoftheRepublicofKorea'sfirst“bluebond,”oraspecial-purposebond,limitedtouseinmarineecosystem-friendlyprojects.KEXIMsupplementedtheirexistingSustainableFinanceFrameworkfromSeptember2021.SPODNVFramework[Updated]SustainableFinanceFramework(2023)OtherLinkshttps://www.kedglobal.com/banking-finance/newsView/ked202301060002Appendix22Appendixes22IssuerBRKAmbientalRegiãoMetropolitanadeMaceióS.A—WastewaterSizeR$1.95billionc.$365millionYearNovember2022DescriptionTheproceedsofthis20-yearissuancewillallowtheuniversalizationofsanitationservicesthatwillbenefitmorethan1.5millionpeoplewholiveinthecapitalcityofMaceióand12othersurroundingcities(innortheastBrazil).ThesesanitationserviceshadbeengrantedtoBRKonthefirstauctionstructuredbytheBNDESandcarriedoutaftertheapprovaloftheSanitationRegulatoryFramework,inyear2020.Theissuance,oversubscribedby1.6×,includedthebanksBradesco,ItaúBBA,Santander,UBS/BancodoBrasil,Safra,andXP,aspartofthesyndicateledbyBTGPactual.SPOSustainalyticsFrameworkSustainableFinancingFrameworkaOtherLinkshttps://api.mziq.com/mzfilemanager/v2/d/9ffe3afc-e8e3-4e62-9f49-04166095f065/5f60181c-772c-70b7-8564-9bcc0f300924?origin=1Sustainability-LinkedBondsIssuerThaiUnion—AquacultureandFisheriesSizeTHB5billionc.$152millionYearJuly2021DescriptionThis7-year,seniorunsecuredbondwasthefirstSLBinThailandandalsothefirstgloballytointroducestep-upand/orstep-downfacilitiesrelatedtotheachievementofSPTs.ThesetargetsincluderemainingintheDowJonesSustainabilityIndexEmergingMarketsandrankinginthetop10companiesfortheDowJonesSustainabilityIndexFoodProductsIndustryIndex,reducingThaiUnion’sScope1andScope2carbonemissionsfrommanufacturingoperationsby4%annually(carbonintensity),andincreasingthemonitoringandsurveillanceofThaiUnion’swild-caughttunasupplychains,whetherelectronicallyand/orthroughtheuseofhumanobserversatsea.InvestorsinthebondwillbeentitledtoalowerorhighercouponshouldthecompanyachieveorfailtoachievetheseSPTsin2023and2026.SPOSustainalyticsFrameworktu-sustainability-linked-july-2021.pdf(thaiunion.com)OtherLinksThaiUnionLaunchesThailand’sFirstSustainability-LinkedBondThaiUnionADB=AsianDevelopmentBank,BDO=BancodeOro,BNDES=NationalBankforEconomicandSocialDevelopment,DNV=DerNorskeVeritas,KEXIM=Export—ImportBankofKorea,MDB=multilateraldevelopmentbank,SLB=sustainability-linkedbond,SPO=secondpartyopinion,SPT=SustainabilityPerformanceTargets,UOP=useofproceeds.a=Notpubliclyavailable.Source:Author'sowncompilation.ReferencesADB.2021.DetailedGuidanceforIssuingGreenBondsinDevelopingCountries.Manila.https://www.adb.org/sites/default/files/publication/761056/guidance-issuing-green-bonds.pdf.AsiaPacificLoanMarketAssociation,LoanMarketAssociation,andLoanSyndications&TradingAssociation.2022.GreenLoanPrinciples.https://www.lma.eu.com/application/files/4716/7715/0338/Green_Loan_Principles_23_February_2023.pdf..2023.Sustainability-linkedLoanPrinciples.https://www.lma.eu.com/application/files/9216/8192/1243/Sustainability_Linked_Loan_Principles_23_February_2023_v.2.pdf.Bosman,P.etal.,2023.TheBlueBondMarket:ACatalystforOceanandWaterFinancing.JournalofRiskandFinancialManagement.16(3).p.184.https://www.mdpi.com/1911-8074/16/3/184.Brondizio,E.S.etal.,eds.2019.GlobalAssessmentReportonBiodiversityandEcosystemServicesoftheIntergovernmentalScience-PolicyPlatformonBiodiversityandEcosystemServices.Bonn,Germany:IntergovernmentalScience-PolicyPlatformonBiodiversityandEcosystemServices(IPBES)Secretariat.https://doi.org/10.5281/zenodo.3831673.FAO.2020.TheStateofWorldFisheriesandAquaculture2020.SustainabilityinAction.Rome.https://doi.org/10.4060/ca9229en.FriendsofOceanAction.2020.TheOceanFinanceHandbook:Increasingfinanceforahealthyocean,Lisbon.https://www3.weforum.org/docs/WEF_FOA_The_Ocean_Finance_Handbook_April_2020.pdf.ICMA.2021.GreenBondPrinciples—VoluntaryProcessGuidelinesforIssuingGreenBonds.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp/..2023.SocialBondPrinciples—VoluntaryProcessGuidelinesforIssuingSocialBonds.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/..2021.SustainabilityBondGuidelines.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/sustainability-bond-guidelines-sbg/..2023.Sustainability-LinkedBondPrinciples-VoluntaryProcessGuidelines.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/sustainability-linked-bond-principles-slbp/..2021.GuidanceHandbook.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/guidance-handbook-and-q-and-a/.References24.2022.GuidelinesforExternalReviews.https://www.icmagroup.org/sustainable-finance/external-reviews/..2023.MappingoftheSustainableDevelopmentGoals.https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/mapping-to-the-sustainable-development-goals/..2023.HarmonizedFrameworksforImpactReporting.https://www.icmagroup.org/sustainable-finance/impact-reporting/green-projects/.IFC.2022.GuidelinesforBlueFinance::GuidanceforFinancingtheBlueEconomy,BuildingontheGreenBondPrinciplesandtheGreenLoanPrinciples.Washington,DC.https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/financial+institutions/resources/guidelines-for-blue-finance.Michetti,C.etal.,2023.SustainableDebtGlobalStateoftheMarket2022,ClimateBondsInitiative2023.https://www.climatebonds.net/resources/reports/global-state-market-report-2022.Gruber,N.etal.,2019.TheOceanicSinkforAnthropogenicCO2from1994to2007.Science.363(6432).pp.1193-1199;H.-O.Pörtneretal,eds.2019.IPCCSpecialReportontheOceanandCryosphereinaChangingClimate.IntergovernmentalPanelonClimateChange(IPCC).https://www.ipcc.ch/site/assets/uploads/sites/3/2019/12/SROCC_FullReport_FINAL.pdf.OrganisationforEconomicCo-operationandDevelopment(OECD).2016.TheOceanEconomyin2030.Paris:OECD.https://doi.org/10.1787/9789264251724-en..2020.ReframingFinancingandInvestmentforaSustainableOceanEconomy,OECDEnvironmentPolicyPapers,22.Paris:OECDhttps://doi.org/10.1787/c59ce972-en.Sumaila,U.R.etal.,2021.FinancingaSustainableOceanEconomy.Naturecommunications.12(1).p.3259.https://doi.org/10.1038/s41467-021-23168-y.UNEPFI.2022.DivingDeep:Finance,OceanPollutionandCoastalResilience.Geneva.https://www.unepfi.org/publications/diving-deep/..2022.HarmfulMarineExtractives:UnderstandingtheRisks&ImpactsofFinancingNon-renewableExtractiveIndustries.Geneva.https://www.unepfi.org/publications/harmful-marine-extractives-deep-sea-mining/..2022.HarmfulMarineExtractives:UnderstandingtheRisks&ImpactsofFinancingNon-renewableExtractiveIndustries–Dredging&MarineAggregateExtraction.Geneva.https://www.unepfi.org/publications/harmful-marine-extractives-dredging/..2022.HarmfulMarineExtractives:UnderstandingtheRisks&ImpactsofFinancingNon-renewableExtractiveIndustries–OffshoreOil&Gas.Geneva.https://www.unepfi.org/wordpress/wp-content/uploads/2022/04/Harmful-Marine-Extra-ctives_Offshore-Oil-Gas.pdf..2022.RecommendedExclusionsforSustainableBlueEconomyFinancing,Geneva.https://www.unepfi.org/publications/turning-the-tide-recommended-exclusions/..nd.ThePrinciples.https://www.unepfi.org/blue-finance/the-principles/.References25.2021.TurningtheTide:HowtoFinanceaSustainableOceanRecovery–APracticalGuideforFinancialInstitutions.Geneva.https://www.unepfi.org/publications/turning-the-tide/.UnitedNationsGlobalCompact.2020a.PracticalGuidancetoIssueaBlueBond.NewYorkCity.https://unglobalcompact.org/library/5798..2020b.PracticalGuidancefortheUNGlobalCompactSustainableOceanPrinciples.NewYorkCity.https://d306pr3pise04h.cloudfront.net/docs/publications%2FSustainable+Ocean+Principles.pdf.Mangrovesalongthecoast.ThemangroveecosystemalongthecoastalsalineandbrackishwatersofCoron,Palawanhelpsinstabilizingthecoastlineandpreventingerosion(photobyADB).BondstoFinancetheSustainableBlueEconomyAPractitioner'sGuideThisreportprovidesguidancetoissuersonthekeycomponentsoflaunchingcredible"bluebonds"-greenbondsfocusedonthesustainableuseofmartimeresourcesandthepromotionofrelatedsustainableeconomicactivities.Itaidsinvestorsinevaluatingtheenvironmentalimpactofsuchinvestmentsandassistsunderwritersinensuringintegrityofmarkettransactions.Theguidancebuildsonexistingglobalmarketstandardsunderlyingsustainablebondmarkets.Itoffersadviceonuse-of-proceedbondstofinanceprojectssupportingtheSustainableBlueEconomyandoceanhealth.Additionally,itincorporatesinsightstoexpanditsrelevancebeyondbondstoothercapitalmarketdebtinstruments,includingloans.AbouttheAsianDevelopmentBankADBiscommittedtoachievingaprosperous,inclusive,resilient,andsustainableAsiaandthePacific,whilesustainingitseffortstoeradicateextremepoverty.Establishedin1966,itisownedby68members—49fromtheregion.Itsmaininstrumentsforhelpingitsdevelopingmembercountriesarepolicydialogue,loans,equityinvestments,guarantees,grants,andtechnicalassistance.AbouttheInternationalCapitalMarketAssociationICMA,anot-for-profitglobaltradeassociation,promoteswell-functioningcross-borderdebtcapitalmarkets,whichareessentialtofundsustainableeconomicgrowth.Itprovidesindustry-drivenstandardsandrecommendations,prioritizingthreecorefixedincomemarketareas:primary,secondary,repoandcollateral,withcross-cuttingthemesofsustainablefinanceandfintech.ICMAworkswithregulatoryandgovernmentalauthorities,helpingtoensurethatfinancialregulationsupportsstableandefficientcapitalmarkets.Formoreinformation,visitwww.icmagroup.org/@ICMAgroup.AbouttheInternationalFinanceCorporationIFC—amemberoftheWorldBankGroup—isthelargestglobaldevelopmentinstitutionfocusedontheprivatesectorinemergingmarkets.In2022,IFCcommittedarecord$32.8billiontoprivatecompaniesandfinancialinstitutionsindevelopingcountries,leveragingthepoweroftheprivatesectortoendextremepovertyandboostsharedprosperity.Formoreinformation,visitwww.ifc.org.AbouttheUnitedNationsEnvironmentProgrammeFinanceInitiativeTheUnitedNationsEnvironmentProgrammeFinanceInitiative(UNEPFI)isapartnershipbetweenUNEPandtheglobalfinancialsectortomobilizeprivatesectorfinanceforsustainabledevelopment.UNEPFIworkswithmorethan450membersandover100supportinginstitutionstohelpcreateafinancialsectorthatservespeopleandplanetwhiledeliveringpositiveimpacts.Formoreinformation,visitunepfi.org.AbouttheUnitedNationsGlobalCompactAsaspecialinitiativeoftheUNSecretary-General,theUNGlobalCompactisacalltocompaniesworldwidetoaligntheiroperationsandstrategieswithTenPrinciplesintheareasofhumanrights,labor,environment,andanti-corruption.OurambitionistoaccelerateandscaletheglobalcollectiveimpactofbusinessbyupholdingtheTenPrinciplesanddeliveringtheSustainableDevelopmentGoalsthroughaccountablecompaniesandecosystemsthatenablechange.Formoreinformation,visitunglobalcompact.org.ASIANDEVELOPMENTBANK6ADBAvenue,MandaluyongCity1550MetroManila.Philippineswww.adb.org

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