The Philippines Securities and Exchange Commission (SEC) has issued guidelines for bonds issued to finance or refinance blue projects, including restoration of coastal, marine, river, lake and other water-based ecosystems, sustainable fisheries management, and sustainable aquaculture.
The regulator says the projects must “substantially contribute” to objectives under the United Nations Sustainable Development Goals.
Issuers of these blue bonds will need to quantify the impact of the projects, such as the amount of greenhouse gas emissions reduced or avoided, water savings, plastic waste reduced or avoided, and wastewater treated.
“The SEC has consistently promoted the growth of sustainable bonds and projects in the Philippines over the past five years. The release of the new guidelines is part of our efforts to push the capital market as one of the avenues for promoting sustainability in the corporate sector,” the regulator says in a statement on September 25.