The world's first Blue Bond (first blue bond of the world)

Why in the discussion?

Recently Seychelles has released the world's first Blue Bond. Seychelles has collected 15 million dollars from international investors through this bond. Financial assistance will be provided to the continuous marine and fisheries projects by the funds collected through this bond.
Image result for first Blue Bond

key points

  • Through this bond, any country can collect money from any kind of capital market for finance for the continuous use of the maritime resources.
  • Through this bond, investment from both government and private sources will be received.
  • Through this bond, Seychelles will be helped to ensure sustainable fisheries.
  • Blue Bond issued by the Seychelles is guaranteed $ 5 million by the World Bank.
  • In addition to the above, it has also been provided a concessionary loan of $ 5 million from the Global Environment Facility (GEF).
  • At least $ 12 million of the income received through this bond will be allocated in the form of low interest loans to local fishermen communities, while the balance will be used for funding for the research of sustainable soil projects. The management of this fund will be managed by the Development Bank of Seychelles (DBS).
  • Indonesia and other insular countries can use the Blue Bond structure released by Seychelles as a model for taping the bond market for financing sustainable fisheries and marine projects.
  • Grants will also be provided through the Blue Grants Fund. This fund will be managed by the Seychelles Conservation and Climate Optimization Trust.

Use of income received from bond

  • To extend protected sea areas
  • For better fisheries. 
  • To develop Blue Economy in Seychelles.

Background

  • The bond was officially launched on October 9, 2018, and this 10-year bond was funded by Standard Chartered directly to the three social impact investors of the United States - Calvert Impact Capital, Nuveen and Prudential. Worked as a placement agent in the work, sold through

Seychelles

  • Seychelles is an archipelago of 115 islands located in the Indian Ocean.
  • It is home to many beaches, coral reefs and natural reserves as well as rare animals such as the giant Altbara turtles.
  • It is one of the world's largest biodiversity areas.
  • Here is the most important industry fishery after tourism.

Context

Dhokra art is an ancient art of handcrafted art. Artisans of Kondagaon in Bastar district work on idol idols, where statues are made using old wax casting techniques.

Problems of Dhokra artisans

  • According to Dhokra artisans, the biggest problems of these craftsmen are currently: GST It is difficult to follow the new tax system and due to this, the sale of idols manufactured by them has almost half.
  • The traditional form of this art has changed in the current market. The wax received from bees, which was the primary requirement of this art, is no longer used more, because it has become so expensive that it is not easy to buy.
  • Traditional animal statues - horses, elephants, camels and other such idols - are gradually being replaced by more functional things like paperwetts, pen holders, candle holders.

Background

India is a country where a mix of different arts and cultures is available. All types of art, in some form, recount their glorious saga with history. The Dhokra art of Chhattisgarh's Bastar district is also one of those arts. The second name of this art is Ghadva Art. This art is as ancient as well as exceptional.
  • In this art, a mixture of copper, zinc and ranga (ray) etc. is made by mixing the metals, utensils, utensils, and other everyday items.
  • In this process bee wax is used. That is why it is also called the Vax Loss Process.
  • The oldest statue of the statue made using this art is a famous statue of a girl dancing from the excavation of Mohenjodaro.

  • Context

    Scientists believe that the chemicals present in sunscreen cause much damage to coral reefs. Following this study of scientists, the country of western Pacific Palau has banned sunscreen and it has become the first country to do so.

    key points

    • This restriction will be effective from the year 2020. If the tourists who enter the country under this restriction will have sunscreen then they will be forfeited and if a retailer sells it, then it can be fined up to $ 1,000.
    • Although climate change has damaged the coral reefs around the world, there is enough evidence that chemicals contained in sunscreen, which enter the oceans through different means, also cause significant damage to coral reefs.
    • According to the President of Palau, this is a decision taken at a right time. The main factor behind this decision was a report published in 2017, in which sunscreen products were found widely in a jellyfish lake in the country's UNESCO World Heritage Sites.

    Sunscreen effect on coral reefs

    • It has been estimated that 14,000 tons of sunscreens are absorbed into the oceans every year in the world's oceans.
    • According to Queensland University researchers in Australia, low concentrations of sunscreen in water can also disrupt the development of young coral.
    • Various studies have shown that chemicals in sunscreens can cause localized coral bleaching and interfere with their hormonal system and inhibit fish reproduction.
    • A 2015 study found that oxybenzone present in sunscreen prevents coral growth and is poisonous for algae within the reefs.

    About Palau

    • Palau is part of the Micronesia region in the Western Pacific Ocean and is an archipelago of more than 500 islands.
    • Coror island, also known as Koror, is the country's former capital and is the commercial center of the islands.
    • Its current capital is Babaldaob.

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