3.5 billion NOK worth sustainable development bond launched by World Bank

World Bank issued Sustainable Development Bonds in its attempts to mainstream climate action


The World Bank has recently updated its Climate Change Action Plan to help countries inculcate climate change into their development strategies and allocate resources in ways that bring the most positive changes.  In the fiscal year 2021, which ended on June 30, 2021, 95% of all IBRD projects included climate components accounting for about 33% of the financing. The investors and officials highlighted the need for more sustainable financial resources to secure a common future. The main investors in the bond include Sparebanken Møre, Sbanken, Sparebank 1 SR Bank, and Handelsbanken Asset Management and Skandinaviska Enskilda Banken (SEB) has acted as the Lead Manager for the transaction. The Head of Climate and Sustainable Finance SEB, Christopher Flensborg, said in a statement that the importance of integrating efficiency and climate consciousness across the activities in which we engage cannot be ignored. The World Bank is once more taking the lead in demonstrating how finance can be used as an instrument to bring effective change to reverse climate degradation. Finance is a crucial tool in bringing about big transitions at the national and international level, and the current climate situation requires no less than a revolution.