Asia accounts for over 80% of plastic waste like bags and bottles that litter the world’s seas. Blue finance can could be the answer, argues IFC boss Makhtar Diop in a guest column
Blue finance has emerged to help solve this crisis. Built on the model that made green finance a success, the World Bank and the Republic of Seychelles issued the first sovereign blue bond in 2018. Demand for the asset class has grown since.
, the world's largest canned-tuna producer, has issued sustainability-linked debt with blue performance targets. Dedicated venture-capital funds are getting involved, with Singapore-based Circulate Capital raising more than $100 million in 2019 for the first investment fund committed to addressing Asia's plastic crisis. Blue-carbon offset projects are also emerging.
Government action is likely to push demand even higher. In March, 175 countries endorsed an historic resolution at the UN Environment Assembly in Nairobi to end plastic pollution, and ASEAN member states launched a regional action plan last year to tackle the crisis. Green Public Procurement, where governments use their purchasing power to buy sustainable goods and services, is also gaining traction. Wider adoption of these efforts could be game-changing.
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