藍色債券崛起：永續金融走向海洋的第一步

隨著全球海洋保護行動加速，「藍色債券」（Blue Bonds）作為一項新興金融工具，正在獲得國際關注。根據市場數據，2024年全球藍色債券發行總額達到25億美元，年增幅約10.6%，儘管規模仍小，但顯示其作為海洋友善項目融資工具的潛力正逐步釋放。

As global efforts to protect the oceans accelerate, Blue Bonds - an emerging financial instrument - are gaining international attention. According to market data, global blue bond issuance reached USD 2.5 billion in 2024, marking a year-on-year growth of approximately 10.6%. While the market remains small, the potential of blue bonds as a financing tool for ocean-friendly initiatives is beginning to unfold.

什麼是藍色債券？

藍色債券是一種專門用於支持海洋保育與永續海洋經濟項目的債務工具。與一般債券運作模式相同，投資人出資，政府、企業或金融機構發行債券並支付利息。不同的是，藍色債券籌得的資金專門用於如永續漁業、珊瑚礁修復、綠色航運與海洋觀光等環保專案。

What Are Blue Bonds?

Blue bonds are debt instruments specifically designed to support marine conservation and sustainable ocean economy projects. They function like traditional bonds - investors provide capital, and issuers (governments, corporations, or financial institutions) pay interest on the borrowed funds. However, what sets blue bonds apart is that the proceeds are strictly allocated to environmentally focused projects, such as sustainable fisheries, coral reef restoration, green shipping, and marine ecotourism.

此類債券的誕生始於2018年，東非國家塞席爾（Seychelles）成為全球首個發行藍色債券的國家，用以擴大其海洋保護區。儘管之後市場發展緩慢，2024年仍呈現出成長趨勢，但整體規模僅佔全球綠色債券市場不到0.5%，仍屬起步階段。

政府參與有限 多邊機構與私人企業成主力

目前，除了塞席爾之外，全球政府對藍色債券的直接參與仍十分有限，印尼是唯一跟進的國家，發行了1.5億美元藍色債券，用於海岸修復計畫。

為填補政府角色的缺口，多邊金融機構如世界銀行已主導發行近20億美元藍色債券，以支持全球各地的海洋永續項目。

The concept was first introduced in 2018, when the East African island nation of Seychelles became the world's first blue bond issuer, using the funds to expand its marine protected areas. While market development has since been modest, 2024 showed continued growth. Still, blue bonds represent less than 0.5% of the global green bond market, indicating that the sector is still in its infancy.

Limited Government Participation: MDBs and Private Sector Take the Lead

Beyond Seychelles, government participation in blue bond issuance remains limited. Indonesia is currently the only other country to follow suit, issuing USD 150 million in blue bonds for coastal restoration programs.

另一方面，私營企業則成為市場的重要推動者。截至目前，企業與銀行已累計籌資約90億美元，特別是與海洋經濟密切相關的產業，如航運與離岸風電公司。

例如，丹麥再生能源公司 Ørsted 發行1億歐元藍色債券以減少海洋污染；杜拜的港口物流公司 DP World 發行同等金額，用於提升港口永續性；日本商船三井（Mitsui OSK Lines）則發行200億日圓，用於海洋環境改善措施。

藍色債券之外：其他海洋融資工具

除藍色債券外，企業與國家也採用其他創新金融工具支持海洋保護，例如「債務換自然協議」（Debt-for-Nature Swaps）。這類協議允許重整國家債務的同時，將節省資金投入環境保育。目前已有薩爾瓦多、貝里斯、巴貝多、加彭、巴哈馬與厄瓜多等國透過該模式進行海洋保護。

To fill the void left by national governments, multilateral development banks (MDBs) - such as the World Bank - have taken the lead, issuing nearly USD 2 billion in blue bonds to support marine sustainability projects worldwide.

Meanwhile, the private sector has emerged as a key driver of blue finance. To date, corporations and banks have raised around USD 9 billion, particularly in industries closely linked to the ocean economy, such as shipping and offshore wind energy.

Examples include:

Beyond Blue Bonds: Other Marine Finance Tools

In addition to blue bonds, countries and companies are adopting other innovative financing mechanisms to support ocean conservation. One notable tool is the Debt-for-Nature Swap, which restructures a nation’s debt while redirecting savings toward environmental initiatives. Countries including El Salvador, Belize, Barbados, Gabon, The Bahamas, and Ecuador have already used this approach for marine protection.

另一種具潛力的工具是「永續連結債券」（Sustainability-Linked Bonds, SLBs），其特點是將債券利率與具體永續績效目標掛鉤。例如，若發行方未達到永續漁業等承諾目標，將被要求支付更高利息。不過，目前此工具在海洋領域仍未廣泛使用。

邁向成長的關鍵：標準、資料與國家政策

雖然藍色債券市場正在擴張，但仍面臨幾項挑戰，包括市場標準尚不清晰、相關資訊透明度不足，以及多數國家缺乏明確的海洋保護政策。為提高投資人信心，國際資本市場協會（ICMA）已發布藍色債券發行框架，協助市場建立規範。

Another promising instrument is the Sustainability-Linked Bond (SLB), where interest rates are tied to achieving measurable sustainability goals. For example, if the issuer fails to meet targets such as sustainable fisheries, they must pay a higher interest rate. However, SLBs have not yet been widely adopted in the marine sector.

Keys to Growth: Standards, Transparency, and Policy Support

Despite its momentum, the blue bond market faces several challenges: unclear market standards, limited data transparency, and a lack of comprehensive national ocean protection policies. To bolster investor confidence, the International Capital Market Association (ICMA) has released a framework for blue bond issuance to guide best practices.

Currently, the main investors include pension funds, insurance companies, multilateral development banks, and philanthropic foundations. However, dedicated blue bond funds still struggle to attract sufficient external capital.

目前市場投資人主要包括退休基金、保險公司、多邊開發銀行與慈善基金會，但專門聚焦藍色債券的投資基金仍難以吸引足夠的外部資金。

根據預測，若藍色債券市場能以類似綠色債券的速度成長，至2030年其年度發行量可望達到140億美元。即便如此，仍遠不足以支應聯合國永續發展目標第14項「保育海洋生態」所需之總體資金規模。

Forecasts suggest that if the blue bond market grows at a pace similar to green bonds, annual issuance could reach USD 14 billion by 2030. Even so, this would fall short of the total funding needed to achieve UN Sustainable Development Goal 14: Life Below Water.

海洋金融新浪潮 正待制度引導與政策落實

A New Wave of Ocean Finance: Awaiting Policy and Institutional Support

隨著ESG與永續金融走向深化，藍色債券不僅是一種創新融資方式，更象徵著全球資本市場向海洋轉向的未來潛力。若能透過政策引導、國際合作與資料透明化，藍色債券有望成為下一波藍色經濟革命的催化劑。

As ESG and sustainable finance continue to deepen globally, blue bonds represent not only an innovative funding mechanism but also a symbol of the capital market’s growing alignment with ocean stewardship. With the right combination of policy direction, international cooperation, and greater data transparency, blue bonds could become a catalyst for the next wave of the blue economy revolution.