The Lehendakari reports on the “Basque Country Sustainable Bonds” experience at the UN High Level Political Forum (HLPF) 2019

• There have been two Sustainable Bond issues by the Basque Country, raising €1,100 million, for environmental and social projects linked to the 2030 Agenda

Lehendakari Iñigo Urkullu, the Basque Premier, is taking part in the United Nations’ High Level Political Forum (HLPF) 2019, held to assess global progress in the implementation of the 2030 Agenda and the Sustainable Development Goals-SDGs. The Lehendakari will report on the advances being made in the Basque Country as regards sustainable development. Today, specifically, he took part in the HLPF session entitled “Are we on track for mobilizing the trillions we need for the SDGs?”.

During today’s session, the Lehendakari noted that the Basque Country’s approach dovetails with the Sustainable Development Goals and, what is more, he pointed out that the Basque Country was the trail-blazer in Europe when it came to adhering to and implementing the 17 Sustainable Development Goals.  He therefore stressed that the Basque Country is a country based on values and determined to advance in social cohesion, while showing solidarity and open with the migrants seeking a second opportunity; a country committed to the environment and combatting climate change; smart growth; quality employment opportunities, particularly for young people; and a country that is striving towards effective gender equality.  

The Lehendakari has used the opportunity of being at the Forum to report on the experience of issuing the “Basque Country Sustainable Bonds”. Lehendakari Iñigo Urkullu explained that there had been two Sustainable Bond issues raising €1,100 million, which represents a tenth of the Basque Autonomous Community’s budget. The funds raised are used to finance environmental or social projects linked to the 2030 Agenda.  Specifically, 83% is earmarked for social investments to guarantee the essential services for the general public and 17% for environmental investments.

In addition, the Lehendakari stressed that the Basque Country Sustainable Fund has been very well received.  In that regard, he pointed out that demand was four times greater than the offer and two-thirds of the issue was taken up by international investors from 13 countries. 

The Lehendakari likewise noted that the Basque model shows that self-government is synonymous with wellbeing. “Self-government with powers for financing and deploying public policies,” he stressed.

Iñigo Urkullu concluded his speech at today’s session of the High Level Political Forum, by expounding that the Basque Country “would continue to be committed to this time of constructing a more equalitarian, sustainable, supportive and fairer world”.

High Level Political Forum

The High Level Political Forum (HLPF) is the main UN platform for sustainable development, which plays a central role in the monitoring and review of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDG) globally.