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Evaluating the World’s First Sovereign Blue Bond: Lessons for Operationalising Blue Finance

Author

Listed:
  • Antaya March

    (Centre for Blue Governance, University of Portsmouth, Richmond Building, Portsmouth P01 3DE, UK)

  • Tegan Evans

    (Centre for Blue Governance, University of Portsmouth, Richmond Building, Portsmouth P01 3DE, UK)

  • Stuart Laing

    (Blue Economy Research Institute, University of Seychelles, Anse Royale Campus, Anse Royale, Seychelles)

  • Jeremy Raguain

    (School of International Public Affairs, Columbia University, New York, NY 10027, USA)

Abstract

The Seychelles blue bond is an innovative finance mechanism that has played a pivotal role in shaping the global landscape of blue bonds. Seychelles leadership in the blue economy sets a significant precedent. However, this precedent has also raised concerns among various stakeholders. This study evaluates of Seychelles’ sovereign blue bond, which was co-developed by the government of Seychelles and the World Bank. Three themes are explored, how the blue bond relates to other actors and donors in the blue economy space of Seychelles; how the blue bond contributes to advancing the national agenda and blue economy of Seychelles; and the key strengths, enablers and weaknesses of the blue bond. A series of considerations for future blue financing and blue bond mechanisms are presented, based on the findings of this study, to ensure that financing extends beyond blue washing and contributes meaningfully to the holistic transition to a sustainable blue economy. Our findings imply significant considerations for stakeholders in sustainable finance, suggesting ways to enhance the efficacy of blue bonds and emphasising the need for further research on their long-term impact and integration with other financial instruments.

Suggested Citation

  • Antaya March & Tegan Evans & Stuart Laing & Jeremy Raguain, 2024. "Evaluating the World’s First Sovereign Blue Bond: Lessons for Operationalising Blue Finance," Commodities, MDPI, vol. 3(2), pages 1-17, April.
  • Handle: RePEc:gam:jcommo:v:3:y:2024:i:2:p:10-167:d:1377207
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    References listed on IDEAS

    as
    1. Frédéric de Mariz & José Roberto Ferreira Savoia, 2018. "Financial innovation with a social purpose: the growth of Social Impact Bonds," Chapters, in: Sabri Boubaker & Douglas Cumming & Duc K. Nguyen (ed.), Research Handbook of Investing in the Triple Bottom Line, chapter 13, pages 292-313, Edward Elgar Publishing.
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