The Tokyo Metropolitan Government issued a €300 million (¥53 billion) bond Tuesday to boost flood defenses and other climate-related countermeasures.
The money will be used to upgrade coastal protection facilities for the Port of Tokyo, develop sediment prevention facilities and enhance river flood resilience. The bond, which was validated by the Climate Bonds Initiative, is the world’s first certified resilience bond, according to the Tokyo government.
“This new bond label is a notable development for the market,” said Melissa Cheok, an associate director at Sustainable Fitch. The bond’s oversubscription “signals that the market is ready to allocate capital to these types of investments.”
Photograph: The Rainbow Bridge at dusk in Tokyo, Japan. Photo credit: Tomohiro Ohsumi/Pool/AP Photo
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
Jury Finds Johnson & Johnson Liable for Cancer in Latest Talc Trial 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
