Apple Computer recently issued a $1.5 billion green bond for their facilities and related activities, California PACE related programs continue to issue green bonds for energy efficiency and renewable projects, and the first U.S. bond certified to the upcoming Climate Bond Water Standard will likely be issued in California before summer.
California Treasurer John Chiang, a member of the Climate Bonds Standards Advisory Board, has been looking into ways to further boost the green bond market (see CalGreenFinance post here).
California government agencies have issued nearly $800 million in green bonds since late 2014, as summarized below.
|California Green Muni Bond Issuances|
|State of California||10/7/2014||$300,000,000||Mass Transit, Clean Water, Energy Efficiency|
|San Francisco Public Utilities Commission||5/20/2015||$32,025,000||Renewable Energy|
|City of Los Angeles||6/4/2015||$188,755,000||Wastewater, Digester, Water Purification|
|East Bay Municipal Utility District||6/17/2015||$74,335,000||Clean Drinking Water, Conservation, Flood Protection, Renewable Energy, Biodiversity|
|City of Los Angeles||6/30/2015||$100,835,000||Wastewater, Water Purification, Digester|
|San Diego Unified School District||1/5/2016||$100,000,000||Energy Efficient Buildings, Renewable Energy|
Green bond proponents are hoping the market will grow from the $42 billion in issuances worldwide in 2015 to $100 billion in 2016. California issuers are contributing to the new totals. About $2 billion in green bonds have been issued in the state since the beginning of 2016. Another $500 million issue is expected soon from the IBank (see story here) and the San Francisco Public Utilities Commission will be issuing a green bond in the next month or so.
Green Bonds are among the many tools California is using to demonstrate climate solution leadership.