The World Bank Treasury, which issues bonds for the International Bank for Reconstruction and Development (IBRD), issued three of the four nature outcome bonds in the register, putting an ecological coupon on top of World Bank credit [IC].
Right of reply
This page describes the World Bank Treasury only through its published statements and the public records of the deals listed. The World Bank Treasury has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| World Bank Wildlife Conservation Bond (Rhino Bond) | 2022 | Outcome-linked bond | Issuer | US$150m | [IC] |
| World Bank Amazon Reforestation-Linked Outcome Bond | 2024 | Outcome-linked bond | Issuer | US$225m | [IC] |
| World Bank Spekboom Restoration Outcome Bond | 2026 | Outcome-linked bond | Issuer | US$120m | [IC] |
| World Bank Plastic Waste Reduction-Linked Bond | 2024 | Adjacent | Issuer | US$100m | [MS] |
| World Bank Emission Reduction-Linked Bond (Vietnam) | 2023 | Outside scope | Issuer | US$50m | [MS] |
| World Bank Clean Cooking Outcome Bond (Ghana) | 2025 | Outside scope | Issuer | US$200m | [IC] |
| Seychelles sovereign blue bond | 2018 | Adjacent | Partial guarantor | US$5m | [MS] |
In these bonds the outcome risk sits in the coupon while the principal carries World Bank credit, so a buyer takes a nature exposure inside a conventional fixed-income holding [IC]. The Rhino Bond pays no coupon and a conservation success payment at maturity in March 2027, funded by the Global Environment Facility; the black rhino population grew at a compound rate of nearly 8% a year, about double the maximum target [MS]. The Amazon bond pays 1.745% plus a coupon linked to the sale of carbon removal units, and the Spekboom bond pays 2.410% plus variable amounts, with a potential return of 5.078% if the project performs [IC]. In December 2025 the Bank said it had issued six outcome bonds with more than 25 investors across them [MS]. Its pipeline includes an Indonesia coral reef bond unveiled in June 2025 and a Rwanda chimpanzee habitat bond approved in May 2026; neither had priced by October 2026 [MS].
What it has said
In April 2026 the Bank said it expects private issuers to follow during 2026 [MS].
Open questions
The Bank’s own sources disagree on whether T. Rowe Price bought the Rhino Bond: a 2026 results brief lists it and the 2022 pricing release does not [TBV]. One of the six outcome bonds the Bank counted by December 2025 has not been identified.
Related
- Nature Performance Bond Investor Register
- Nuveen
- Mackenzie Investments
- Global Environment Facility
- Credit Suisse
- HSBC
- BNP Paribas
- Amazon
- Microsoft
References
- World Bank, “Investors join landmark Wildlife Conservation Bond” (31 March 2022)
- World Bank, South Africa results brief (10 April 2026)
- World Bank, Amazon Reforestation-Linked Outcome Bond release (13 August 2024)
- World Bank, Amazon bond investor base release (20 August 2024)
- World Bank, Spekboom Restoration Outcome Bond pricing (23 April 2026)
- World Bank, Spekboom bond case study (2026)
- World Bank, Plastic Waste Reduction-Linked Bond (24 January 2024)
- World Bank, Emission Reduction-Linked Bond (14 February 2023)
- World Bank, Clean Cooking Outcome Bond (12 December 2025)
- Commonwealth Secretariat, Seychelles debt conversion case study
- KKP Indonesia, Coral Reef Bond
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.