T. Rowe Price says blue bonds poised for growth

Data collection: A researcher checks instruments at a marine research station in the Baltic Sea in Finland. The market has risen to about US$7.2bil since the first blue bond was issued six years ago by the World Bank. — AFP

NEW YORK: T. Rowe Price Group Inc is targeting a corner of the sustainable debt market that it sees growing fast over the next decade: blue bonds.

Blue bonds are debt instruments issued by companies or financial institutions to fund projects that help protect or revive the world’s oceans and waterways in the face of climate change, over-fishing and pollution.