The ocean plays a key role in tackling both the biodiversity and climate crisis. It functions as one of the main repositories of the world’s biodiversity while also holding a large potential for ocean based renewable energy, not least offshore wind energy. However, the ocean is under immense pressure from climate change and is suffering from biodiversity loss. Yet, there is still a substantial funding gap for sustainable ocean action.

The energy company Ørsted is leading the charge to change this. They have an ambition to ensure that their renewable energy projects have a net-positive impact on biodiversity from 2030 and have entered a partnership with WWF to unite action on climate and ocean biodiversity.

On World Ocean Day 2023, Ørsted became the first energy company to issue blue bonds. The five-year, EUR 100 million (USD 106 million) blue bond assists in diversifying and expanding the market for sustainable ocean financing, which is crucial for enhancing ocean health. Proceeds from the blue bond will be allocated towards financing initiatives that specifically target offshore biodiversity and sustainable shipping.

Issuing blue bonds was also driven by a growing interest from investors seeking to align their investment strategies with sustainability objectives, diversify their portfolios, and tap into growth sectors. Ørsted’s issuance of blue bonds is a step towards tackling the twin challenge of the biodiversity and climate crisis simultaneously and creating a more sustainable and resilient ocean economy. The investments are a great example of driving ecological impact and financial returns.