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Climate Bonds Initiative is forecasting $20bn of green municipal issuance in 2018 as US cities and states ramp up climate action." /> <meta property="og:updated_time" content="2018-10-08T13:23:52+01:00" /> <meta property="og:image" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:secure_url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:type" content="image/jpeg" /> <meta property="og:image:width" content="1045" /> <meta property="og:image:height" content="600" /> <meta property="article:published_time" content="2018-01-30T00:00:00+00:00" /> <meta property="article:modified_time" content="2018-10-08T13:23:52+01:00" /> <title>Record $11bn in Green Municipal Bonds in 2017 across the US | Climate Bonds Initiative</title> <link 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class="sf-depth-2">Videos</a></li></ul></li><li id="menu-1738-1" class="last odd sf-item-13 sf-depth-1 sf-no-children"><a href="https://events.climatebonds.net" title="" class="sf-depth-1">Events</a></li></ul> </section> </div> </nav> </div> </div> </div> </div> </div> </header> <div class="row"> <div class="container-fluid" id="slider"> <div class="row"> <div class="col-xs-12 col-sm-12 col-md-12 col-lg-12"> </div> </div> </div> </div> <div class="main-container container" id="content"> <header role="banner" id="page-header"> </header>  <div class="row"> <section class="col-sm-12"> <a id="main-content"></a> <h1 class="page-header">Record $11bn in Green Municipal Bonds in 2017 across the US </h1> <div class="region region-content"> <section id="block-system-main" class="block block-system clearfix"> <article id="node-34091" class="node node-release clearfix"> <div class="field field-name-field-release-file field-type-file field-label-inline clearfix clearfix"><div class="field-label">Download Release: </div><div class="field-items"><div class="field-item even"><span class="file"><img class="file-icon" alt="PDF icon" title="application/pdf" src="/modules/file/icons/application-pdf.png" /> <a href="https://www.climatebonds.net/files/releases/media_release_11bn_record_2017_us_green_muni_issuance.pdf" type="application/pdf; length=138863" title="media_release_11bn_record_2017_us_green_muni_issuance.pdf">Record $11bn in Green Municipal Bonds in 2017 across the US </a></span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><div class="page" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: -webkit-standard;" title="Page 1"> <div class="layoutArea"> <div class="column"> <p> </p> <p> </p> <p><span style="font-size:16px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700;">Record $11bn in Green Municipal Bonds in 2017 across US New York beats California as top issuer<br /> $20bn investment forecast for 2018</span></span></span></p> <p> </p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">London 31/01/2018 15:00 GMT: </span><span style="color: rgb(33, 33, 33);">Annual US green municipal bond issuance reached a new record in 2017, passing the symbolic $10bn mark with New York retaking the lead </span><span style="color: rgb(0, 0, 255);">from California </span><span style="color: rgb(33, 33, 33);">and becoming the US state with the highest 2017 issuance of municipal green bonds and the highest cumulative issuance.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Climate Bonds Initiative is forecasting $20bn of green municipal issuance in 2018 as US cities and states ramp up climate action.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">The latest Climate Bonds Initiative analysis of US municipal green bond market finds the December 31</span><span style="color: rgb(33, 33, 33); vertical-align: 5pt;">st </span><span style="color: rgb(33, 33, 33);">2017 total stood at an annual record of $11.05bn, up from $7.11bn in 2016. New York reached a total of $4.59bn, followed by California’s $4.32bn for the year.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">A giant December $2.17bn </span><span style="color: rgb(0, 0, 255);">issuance </span><span style="color: rgb(33, 33, 33);">confirmed the NY Metropolitan Transportation Authority (MTA) as the leading US municipal green issuer to date, and was also the sixth largest green bond issued globally during 2017.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Other notable green municipal bond issuers in 2017 included California Health Facilities Financing Authority, </span>Massachusetts Water Resources Authority, <span style="color: rgb(33, 33, 33);">the </span>State of Connecticut,<span style="color: rgb(33, 33, 33);">Iowa Finance Authority, San Francisco BART, San Francisco PUC and New York State Finance Housing Authority. (Full 2017 list attached)</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">Overall Muni Top Ten</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Repeat green issuance from New York MTA totalling $5.52bn (all Climate Bonds </span><span style="color: rgb(0, 0, 255);">Certified </span><span style="color: rgb(33, 33, 33);">) helped push New York State into overall first place. California, Massachusetts, Washington, Connecticut, Iowa, Indiana, Colorado, District of Columbia, and Illinois filled out the remaining Top Ten states for total cumulative issuance from 2013 to December 31</span><span style="color: rgb(33, 33, 33); vertical-align: 5pt;">st</span><span style="color: rgb(33, 33, 33);">.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">International figures for 2017</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Internationally, </span><span style="color: rgb(0, 0, 255);">Climate Bonds Highlights 2017 </span><span style="color: rgb(33, 33, 33);">report shows that a </span><span style="color: rgb(0, 0, 255);">record $155.5bn </span><span style="color: rgb(33, 33, 33);">green bonds were issued in 2017 with the US leading the </span><span style="color: rgb(0, 0, 255);">Top 10 nations </span><span style="color: rgb(33, 33, 33);">at $42.4bn. At $11.05bn, green municipal issuance comprised 26% of the US total issuance for the year. Overall, US green bond issuance at $42.4bn was almost double that of China ($22.5bn) and France ($22.1bn) second and third place respectively in the 2017 Top 10. (See Chart)</span></span></span></p> </div> </div> </div> <div class="page" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: -webkit-standard;" title="Page 2"> <div class="layoutArea"> <div class="column"> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">Water and Rail/Transit Dominate</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Sustainable water management reached a cumulative total of $9.22bn at the end of 2017, raising over $3bn in the last two years.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">Helped by smaller bond issuances in California, the transport sector has come close to passing sustainable water as the largest overall segment of municipal green bonds with over $8.54bn cumulative issuance in the market. $5.39bn of this was issued in 2017 alone, more than double the $2.08bn issuance of 2016.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(33, 33, 33);">65% of the projects financing low carbon transportation come from New York, 16% from Washington and 15% from California.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">$20bn forecast for 2018</span></span></span></p> <p><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(33, 33, 33);">Climate Bonds is forecasting green municipal issuance to almost double to $20bn in 2018. Primarily due to a combination of </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(0, 0, 255);">city and state </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(33, 33, 33);">based </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(0, 0, 255);">climate leadership</span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(34, 34, 34);">, </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(33, 33, 33);">an </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(34, 34, 34);">emphasis on infrastructure spending, and the need for climate aligned infrastructure and </span><span style="caret-color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 14px; color: rgb(33, 33, 33);">increasing institutional investor demand for green and ESG based investments.</span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700;">Justine Leigh-Bell, Director of Market Development, Climate Bonds Initiative:</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">“It is encouraging to see US cities and states making strong commitments to implement their own climate action plans in light of Washington’s retreat from the Paris Agreement. This will lead to a growing interest in leveraging green bonds as a valuable tool for States and cities to finance their climate strategies. Climate action plans will increasingly be connected debt capital raising strategies and infrastructure investment<span style="color: rgb(112, 48, 160);">.”</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">“The US continues to lead the way globally in green muni bond issuance. The next stage is to effectively link this new wave of green finance to real and measurable impacts.”</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">“More than 10 new US municipalities entered the green muni market in 2017. We expect this trend to sharpen as institutional investors increasingly seek green investment products for their portfolios.</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">“New York and California have been leading issuers of green bonds, notably in key sectors such as water and transport.”</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">“We expect we will see more examples of these types of investments following the State Treasurer’s February Green Bonds Symposium and Governor Brown’s September Global Climate Action Summit. California will look to position itself as the State paving the way on US climate action and working to stimulate sub national green issuance.</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(34, 34, 34);">Patrick McCoy Director of Finance, New York MTA:</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="caret-color: rgb(0, 0, 0); color: rgb(34, 34, 34);">“Everything the MTA does to operate an efficient public transportation system helps reduce</span><span style="caret-color: rgb(0, 0, 0); color: rgb(34, 34, 34);">the amount of carbon emitted into the atmosphere. CBI certification provides a form of </span><span style="caret-color: rgb(0, 0, 0); color: rgb(34, 34, 34);">recognition for the sustainability embodied by operating our transportation network, and CBI </span><span style="caret-color: rgb(0, 0, 0); color: rgb(34, 34, 34);">Certified MTA bonds are a vital tool for its capital investment.”</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);"><Ends></span></span></span></p> </div> </div> <div class="section"> <div class="layoutArea"> <div class="column"> <p> </p> </div> </div> </div> <div class="section"> <div class="layoutArea"> <div class="column"> <div class="page" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: -webkit-standard;" title="Page 3"> <div class="layoutArea"> <div class="column"> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">For more information:</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(0, 0, 255);">Andrew Whiley</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(34, 34, 34);">Head of Communications and Media, </span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(34, 34, 34);">Climate Bonds Initiative, </span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(34, 34, 34);">London</span><br /><span style="font-weight: 700; color: rgb(34, 34, 34);">+44 (0) 7914 159 838</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color: rgb(0, 0, 255);"><a href="mailto:andrew.whiley@climatebonds.net">andrew.whiley@climatebonds.net</a></span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700;">Notes for Journalists</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(34, 34, 34);">About the Climate Bonds Initiative: </span><span style="color: rgb(34, 34, 34);">The Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy. More information on </span><span style="color: rgb(0, 0, 255);">our website </span>here<span style="color: rgb(34, 34, 34);">.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(34, 34, 34);">2017 Municipal Green Bond Figures: </span><span style="color: rgb(34, 34, 34);">All figures quoted are from Climate Bonds data for labelled municipal green bonds that have closed as of 31/12/2017.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(34, 34, 34);">2017 Global Green Bond Figures: </span><span style="color: rgb(34, 34, 34);">Climate Bonds </span><span style="font-style: italic; color: rgb(34, 34, 34);">Greenbond Highlights 2017 </span><span style="color: rgb(0, 0, 255);">report </span><span style="color: rgb(34, 34, 34);">released on January 10</span><span style="color: rgb(34, 34, 34); vertical-align: 5pt;">th </span><span style="color: rgb(34, 34, 34);">records global issuance at $155.5bn. The announcement is </span><span style="color: rgb(0, 0, 255);">available here</span><span style="color: rgb(34, 34, 34);">.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(33, 33, 33);">2013 – 2017 Development of Municipal Green Bond Market: </span>Massachusetts was the first state to enter the green muni market <span style="color: rgb(0, 0, 255);">in 2013 </span>with an <span style="color: rgb(0, 0, 255);">USD100m green bond</span>. Issuance in New York and California started in 2014, the first CA issuer being California State (USD300m) and the first NY issuer, New York State Environmental Facilities raising USD213.6m.</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;">Examples of significative US municipal issuers to date include the Central Puget Sound Transit Authority who have raised USD1.34bn, Massachusetts Water Resources Authority with USD1.04bn, San Francisco Public Utilities Commission USD1.04bn, and California Health Facilities Financing Authority $983.4m.</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700; color: rgb(34, 34, 34);">Previous milestones</span><span style="color: rgb(34, 34, 34);">: California was the first US state to reach $5bn in municipal green bond issuance in </span><span style="color: rgb(0, 0, 255);">November 2017 </span><span style="color: rgb(34, 34, 34);">but was overtaken by New York in December.</span></span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700;">California Green Finance Symposium 2018: </span>California State Treasurer John Chiang is convening a two day <span style="color: rgb(0, 0, 255);">Green Bond Symposium </span>on Feb 27-28, 2018 in partnership with the<span style="color: rgb(0, 0, 255);">Milken Institute </span>and <span style="color: rgb(0, 0, 255);">Environmental Finance, </span>in Santa Monica.</span></span></p> <p><span style="font-size:14px;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-weight: 700;">Climate Action Summit 2018: </span>Governor Gerry Brown will hold a <span style="color: rgb(0, 0, 255);">Global Climate Action Summit </span>in conjunction with the UNFCCC & other climate action leaders from September 12- 14, 2018 in San Francisco.</span></span></p> <p><img alt="" src="https://www.climatebonds.net/files/images/Screen%20Shot%202018-10-08%20at%2013_05_02.png" style="width: 550px; height: 322px;" /><br /><img alt="" src="https://www.climatebonds.net/files/images/Picture1%286%29.png" style="width: 570px; height: 1200px;" /></p> <p> </p> <p> </p> </div> </div> </div> </div> </div> </div> </div> </div></div></div> </article> </section> <section id="block-block-54" class="block block-block clearfix"> <p> </p> <p align="center">-------------------------------------------------------------------</p> <div class="page" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: -webkit-standard;" title="Page 2"> <div class="layoutArea"> <div class="column"> <p><span style="font-size: 8pt; font-family: Verdana; font-weight: 700;">Disclaimer: </span><span style="font-size: 8pt; font-family: Verdana;">The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.</span></p> <p><span style="font-size: 8pt; font-family: Verdana;">The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.</span></p> <p><span style="font-size: 8pt; font-family: Verdana;">Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. 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