Dubai-based DP World has recently introduced a $100 million blue bond to support sustainable maritime and water-related projects, marking a significant milestone as the first issuance of its kind in the Middle East and North Africa region. This initiative aims to address critical funding gaps related to UN sustainable development goals, specifically focusing on SDG 14 (life below water) and SDG 6 (clean water and sanitation). The blue bond also aligns with DP World’s ocean strategy and efforts towards decarbonization and water conservation, supporting global initiatives such as the Paris Climate Agreement and the Kunming-Montreal biodiversity framework.
The issuance of the blue bond reflects growing investor interest in blue assets, as reported by the UAE state-run Wam news agency. In collaboration with Citi, DP World achieved a significant milestone by securing the tightest-ever spread in the bond market, with a 99.6 basis points premium over US Treasuries. The funds raised from the blue bond will be allocated towards various sustainable projects, including marine transportation and port development, marine ecosystem conservation, restoration, and pollution mitigation.
DP World’s commitment to sustainability is evident through its allocation of funds from previous initiatives, with $1.17 billion dedicated to eligible green projects out of the $1.5 billion raised in 2023. These projects have successfully reduced over 177 million kg of CO2 emissions and generated 866,686 kWh of renewable energy. DP World’s chairman and CEO, Sultan bin Sulayem, emphasized the importance of addressing environmental challenges and the significance of the blue bond in laying the foundation for future sustainable efforts.
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