DLA Piper advises Government of Saint Lucia on its Blue Bond Framework to finance ocean-related initiatives

DLA Piper has advised the Government of Saint Lucia on its Blue Bond Framework to finance ocean-related initiatives. Saint Lucia’s Minister for Education, Sustainable Development, Innovation, Science, Technology and Vocational Training of Saint Lucia, The Honourable Shaw A. Edwards, launched St Lucia’s Blue Bond Framework on 3 December 2023 at a dinner hosted by the United Nation Global Compact and supported by DLA Piper and the Centre for Climate Diplomacy at the Anwar Gargash Diplomatic Academy.

Saint Lucia’s Blue Bond Framework will enable it to issue blue bonds in the near future that will deliver environmental, social and economic benefits aligning with Saint Lucia’s National Adaptation Plan, Nationally Determined Contributions, and the Sustainable Development Goal (SDG) targets. Blue bonds are a debt security issued to raise capital specifically to finance the implementation of the SDGs related to the ocean, marine resources, and the transition towards a sustainable ocean economy. The Blue Bond Framework is among the first to be aligned with the recently launched The Global Practitioner’s Guide for Bonds to Finance the Sustainable Blue Economy.

With targeted blue investment, Saint Lucia will be able to realise its vision of ensuring its marine resources and natural heritage are sustainably managed, nurtured, and protected for the benefit of current and future generations.

At the launch of the Blue Bond Framework, Saint Lucia’s Minister for Education, Sustainable Development, Innovation, Science, Technology and Vocational Training of Saint Lucia, His Excellency Shaw A. Edwards, said “The Government of Saint Lucia is proud to issue its first Blue Bond Framework to harness the potential of blue finance for its people and its economy. We hope that Saint Lucia’s Blue Bond Framework helps to continue the conversation on the importance of funding the sustainable blue economy and the urgent need to direct financing towards ocean-based initiatives.”

Joywin Mathew, Partner in Capital Markets and Sustainable Finance at DLA Piper, said “DLA Piper is thrilled to have supported Saint Lucia in preparing its first Blue Bond Framework and we are delighted that it will be among the first to align with The Global Practitioner’s Guide for Bonds to Finance the Sustainable Blue Economy. We expect blue bonds to take on a similar trajectory as did green bonds and that investors will eagerly adopt blue bonds into the suite of sustainable finance products. Blue bonds will be critical to unlocking the financial pathways to a sustainable blue economy.”

The DLA Piper team was led by Joywin Mathew, Finance, Projects and Restructuring Partner based in Dubai. He was supported by Claire Robertson, Solicitor in the firm’s Finance, Projects and Restructuring practice, based in Brisbane, Australia.

The Government of Saint Lucia received technical support from the Global Green Growth Institute, United Nations Global Compact Ocean Stewardship Coalition and MUFG Bank.