Israel Issues $2 Billion Green Bond and Advances Climate Innovation Amid Resource Scarcity
Israel has issued its first sovereign Green Bond, raising $2 billion to support clean transportation, sustainable water management, and land use, as part of its strategy to address resource scarcity through climate innovation. The country, home to 946 active startups and $9.5 billion in investments since 2018, plans to implement a carbon tax on fossil fuels by 2025 and aims to recycle 90% of its wastewater while achieving record-low solar energy costs. Additionally, initiatives like 'Project Prosperity' promote regional cooperation, exchanging desalinated water for solar energy with Jordan and impacting over 5.3 million people in Africa through clean technology initiatives.
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Israel's sustainability strategy focuses on transforming resource scarcity into innovative solutions, establishing itself as a global leader in climatech with 946 active startups and $9.5 billion in investment since 2018. In January 2023, Israel issued its first sovereign Green Bond, raising $2 billion for clean transportation, sustainable water management, and land use.
By 2024, proceeds were allocated, with 96% to transportation. A carbon tax on fossil fuels will begin in 2025, aimed at phasing out coal by 2026. Israel recycles 90% of its wastewater and has achieved record-low solar energy costs at $0.019 per kWh.
The country is scaling Pumped Storage Hydropower for energy storage and aims to shift 20% of transport to public systems by 2030. 'Project Prosperity' exemplifies regional cooperation by exchanging desalinated water for solar energy with Jordan. Israel also shares its expertise globally, impacting over 5.3 million people in Africa through clean technology initiatives.
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