The Tokyo Metropolitan Government issued a 鈧�300 million (楼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 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.
Suspects in Louvre Heist in Custody After Week-Long Manhunt 
The Hartford Q3 Net Income Up 41% 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
AWS Outage a ‘Moderate Incident,’ Another Near Miss for Insurance Industry 
