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Anybody can issue Social Policy Bonds, not just government. Indeed, I now think it's more likely that private groups will be the first to do so.
If you are interested in getting together with others to solve a particular social or environmental problem, I suggest you first read this 18-page pdf paper on Female Literacy Bonds. Then contact me. Let me know if you have funds available for redeeming Social Policy Bonds and if you have any particular social or environmental goal in mind. As well as female literacy in developing countries the Social Policy Bond concept could be deployed to bring about nuclear peace (the bonds reward extended periods where no nuclear explosion occurs), or peace in the Middle East (the bonds reward cuts in numbers of people killed), or to improve the water or air quality of particular cities or regions. The possibilities are endless!