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Amount invested: $1.6 Billion
|IMPACT METRIC1||IMPACT FOR 2019||EQUIVALENT TO|
|LEED certified buildings||50 buildings2|
|Land conserved||2.8 million hectares||More than the land area of Vermont3|
|Land restored or sustainably managed||1.5 million hectares||More than the land area of Connecticut3|
|Waste diverted from landfills||19.6 million metric tons|
|People benefited from clean water and wastewater projects||61.0 million|
|Water delivered||3.4 billion gallons/day|
|Wastewater treated||7.9 billion gallons/day|
|Water saved||96.9 billion gallons||The volume of 146,725 Olympic-size swimming pools4|
|Water treated||59.1 billion gallons|
|Water treated||2.0 billion gallons/day|
Republic of Seychelles
High yield, sovereign blue bond
Seychelles, an island nation off the coast of East Africa, issued the world’s first sovereign “blue” bond — a pioneering financial instrument designed to support sustainable marine and fisheries projects. The bond, which raised US$15 million, is the result of a unique collaboration between a sovereign nation, the World Bank and the private sector.
Seychelles is a small open economy (US$1.5 billion GDP) dependent on tourism. As such, it is vulnerable to developments such as economic downturns in countries that supply tourists; natural disasters; and changes in local climatic conditions and ocean temperature. A key challenge is increasing the country’s long-term resilience to climate change without weakening economic growth.
- Use of proceeds
Proceeds from the bond will support:
- Expansion of marine protected areas
- Improved governance of priority fisheries
- Development of the blue economy in Seychelles
- Measurable impact
Since the launch of the Blue bond in 2018, the bond proceeds have financed eight projects that enable local communities to contribute to sustainable marine conservation and fisheries. The projects include protecting 30% of Seychelles' marine environment zoned for conservation or sustainable-use by March 2020, strengthening governance and management for marine protection and expanding scientific research on specific ecosystems to recommend the best solution for ecological preservation.
Washington State Economic Development Finance Authority
Investment grade, tax-exempt municipal bond
Straw is a waste product of wheat and seed alfalfa farming. Some farmers burn the straw, resulting in significant CO2 emissions, or till it back into the soil, which may degrade the soil for future harvests. To reduce such harmful impacts, a new plant will use a proprietary process to convert wheat straw and seed alfalfa straw into pulp for the paper industry and a co-product for agricultural and industrial applications.
- Use of proceeds
Proceeds from this issue will finance the construction, equipping and operation of an agricultural waste-topulp conversion plant.
Independent engineering analysis4 has concluded that:
- the plant is capable of producing pulp suitable for use as an economically attractive alternative to purchased market wood pulp
- the pulping process has significantly lower environmental impacts compared to conventional methods
- the quality of the pulp and co-product has been verified by third-party testing and mill trials with potential customers
- wheat straw pulping projects of similar scale in China and India have proven effective
- Measurable impact
At full capacity, the facility is expected to convert approximately 230,000 air-dry short tons (ADST) of straw into approximately 150,000 ADST of pulp, and approximately 95,000 ADST of co-product, on an annual basis.5
- In 2019, the project commissioned a life cycle and carbon footprint analysis, determining that the facility reduced 133,000 CO2 emissions per year.6
2 LEED certified buildings by level: 24 platinum, 8 gold, 17 silver and 1 certified (undisclosed level).
5 Preliminary Limited Offering Memorandum, Supplement No. 1, Washington EDFA Environmental Facilities Revenue Bonds, Series 2016A , 30 Nov 2016
A word on risk
Because ESG criteria exclude some securities, investments in ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such criteria. Investment products in general may be subject to market and other risk factors.
The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. Securities offered through Nuveen Securities, LLC.