BNP Paribas said on 21 November 2025 that it has issued three blue private placements totalling €75 million since May 2025, when the French banking group updated its Green Bond Framework to incorporate blue finance.
The update integrated the latest guidelines from the International Capital Market Association (ICMA) and the International Finance Corporation (IFC). According to Ana Jantarada, head of the Sustainable Center Portugal at BNP Paribas, who led the update, the bank wanted the framework to reflect both ICMA's focus on ocean-related activities and the IFC's broader interpretation of blue finance, which includes water management.
WIDER RANGE OF ELIGIBLE ASSETS
The updated framework covers activities ranging from offshore wind and green ships to sustainable water management and plastic recycling, aligning with both green and blue market expectations. Jantarada said identifying eligible blue assets has become a key challenge for issuers, since blue bonds represent only a specific segment of green bonds, with strict criteria.
Julie Miller, head of ESG Strategy and Advisory at BNP Paribas, said that by embedding blue assets within its green framework the group is helping to accelerate the mobilisation of capital towards projects that ensure access to water, strengthen food security, support climate change adaptation and improve pollution management and prevention.
A SMALL BUT GROWING MARKET
Blue bonds remain a niche within sustainable finance, representing only about 0.2% of total sustainable issuance, according to BNP Paribas. Citing the BlueInvest Investor Report 2024, the bank said the market for blue economy investment is three times larger than a decade ago, having surpassed €13 billion over the five years from 2018 to 2023, and that one in five investors are actively seeking or considering investments in blue projects. Latin America accounted for nearly half of global blue bond issuance in 2023, at around $2 billion.
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