The blue bond market continues to grow, encouraged by voluntary guidance from international trade bodies. Blue bonds are debt instruments used to raise capital specifically for marine and ocean-based projects, such as ocean-based conservation and sustainable fisheries. The International Capital Market Association (ICMA)’s guidance on blue bonds — which was published in September 2023 — sets out voluntary standards for eligible projects. The International Finance Corporation (IFC) also updated its blue bond guidance in September 2025. […]