At a Glance

• Partners: T. Rowe Price Associates; Citigroup
• Investment type: Blue bond
• Key business benefit: Reinforced long-term business resilience through capital allocation linked to environmental stewardship
• Key outcomes: $100 million blue bond issued in December 2024. Of the $67.63 million allocated, $46.14 million (68%) went to sustainable marine transport, avoiding 74,211 tCO2e per year. $9.83 million (15%) went to marine ecosystem management, conservation and restoration, including about 140 m² of reef restored across Dubai Islands. $8.80 million (13%) went to marine pollution initiatives reaching more than 12,000 beneficiaries, and $2.86 million (4%) to sustainable ports. The first Blue Bond Allocation and Impact Report follows the ICMA Harmonised Framework for Impact Reporting.

The Opportunity

In 2023, DP World updated its Sustainable Finance Framework to include sustainability-linked components, becoming the first port operator to establish a combined use-of-proceeds and sustainability-linked framework. In November 2024, the framework was further refined to explicitly incorporate blue use-of-proceeds categories aligned with ICMA guidance on blue-themed bonds and the IFC Guidelines for Blue Finance. This integrated framework enables the company to finance both maritime infrastructure and projects that protect and restore marine and coastal ecosystems, positioning DP World to issue blue bonds and other thematic financing instruments for eligible investments across its global operations.

Under the framework, proceeds can be allocated across four priority blue categories: sustainable ports, sustainable marine transport, marine ecosystem management, conservation and restoration, and marine pollution – each confirmed as fully eligible for blue bond financing.

The Approach

In December 2024, DP World issued a $100 million blue bond under its Sustainable Finance Framework, becoming the first blue bond issuer from the Middle East and North Africa (MENA) region and the first global port operator to issue a blue bond.[1] The issuance provides stakeholders with clear evidence of how DP World links capital allocation with environmental stewardship in a way that reinforces long-term business resilience.

DP World’s first Blue Bond Allocation and Impact Report follows the ICMA Harmonised Framework for Impact Reporting. It includes relevant impact parameters, enhancing comparability and investor decision-making.

Sustainable marine transport, representing the largest share of the portfolio ($46.14 million, 68%), delivers measurable climate benefits, including 74,211 tonnes of carbon dioxide equivalent (tCO2 e) in avoided emissions per year. Targeted investments in marine ecosystem management, conservation and restoration ($9.83 million, 15%) advance ocean health outcomes, including the restoration of approximately 140 square metres (m²) of reef area across Dubai Islands. Marine pollution initiatives ($8.80 million, 13%) contribute to improved environmental quality and community impact, reaching more than 12,000 beneficiaries, while sustainable ports ($2.86 million, 4%) supports enhanced operational efficiency and environmental performance across port infrastructure.[2]

Value Created

For DP World, the issuance reinforces long-term business resilience and is a strong signal to stakeholders of DP World’s capital allocation linked to environmental stewardship.

For climate, biodiversity, and ecosystem health outcomes, the portfolio delivers benefits to climate, biodiversity, and ecosystem health, including avoided emissions, reef restoration and broader investment in ecosystem conservation and restoration; and reduced pollution and increased port efficiency.

Why It Matters / Key Takeaways

DP World’s blue bond demonstrates the opportunity for a company to directly connect long-term business resilience and environmental stewardship. As the first blue bond issuer from the Middle East and North Africa (MENA) region and the first global port operator to issue a blue bond, DP World is a first-mover in this approach in its region and its sector.

Relevant global targets:

• Global Biodiversity Framework Targets 2 (restoration), 7 (pollution reduction), 14 and 19 (mainstreaming and resource mobilization); Paris Agreement (avoided emissions); UN SDGs 14 (Life Below Water) and 6 (Clean Wated and Sanitation).

References:

1. DP World. (2024). DP World Becomes the First Company in the Middle East to Issue a Blue Bond. https://www.dpworld.com/en/news/dp-world-becomes-the-first-company-in-the-middle-east-to-issue-a-blue-bond.
2. DP World. (2026). Blue Bond Allocation and Impact Report. https://dpw-p-001.sitecorecontenthub.cloud/api/public/ content/ef0fb142e17b409ab7e0e369c4528a1f?v=0f14de57&.