Mitsui O.S.K. Lines (MOL) announced that it has decided to issue "blue bonds" through a public offering in Japan´s domestic market in January 2024.
The bonds are the world´s first blue bonds in the shipping industry, which refer to guidance provided by the International Capital Markets Association (ICMA) and other organizations. The Blue Bond Framework developed for the bond issue will ensure that all uses of the bonds are valid.
"The proceeds will contribute to a sustainable blue economy and the bonds received the highest rating from the Japan Credit Rating Agency, Ltd. (JCR), based on its expectation that they will have a positive environmental impact," MOL reported.
A blue bond is issued to finance green projects that aim to solve environmental problems and is issued with the use of limited proceeds to projects related to marine pollution prevention, sustainable marine resources, among others.
The company set a total investment of 650 billion yen (just over four and a half billion dollars) to solve environmental problems during the three-year period from fiscal 2023 to fiscal 2025.
News and image obtained: "T21"
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