Green Bonds in the Golden State: A Practical Path for Issuers Series

An organization who administers the guidance and governance of the Green Bond Principles (GBP), which are the leading framework globally for the issuance of green, social, and sustainability bonds. Their available resources are extensive, most applicable to this webinar series include:

• Green Bond Principles (GBP) 2018
  Globally leading voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for the issuance of a Green Bond.
  • Guidance Handbook, June 2019
    A list of FAQs that are, in part, intended to assist green bond market participants with the interpretation of the GBP and for the practical application for transactions.
• Handbook – Harmonized Framework, June 2019
  Outline of core principles and recommendations for impact reporting in order to provide issuers with reference and guidance for the development of their own reporting and provide core indicators and reporting templates for Energy Efficiency and Renewable Energy Projects.

• Green Bonds, Volume 1: Barriers and Challenges
  2017 report outlining the findings of a green bond market participant’s discussion to identify key issues affecting marking development and consider ways to speed its progress.
• Green Bonds, Volume 2: Actionable Strategies and Solutions
  2018 report, produced in collaboration with the Milken Institute and Environmental Finance, containing concrete and actionable recommendations that could make a thriving green bond market in California and the United States.

An international, investor-focused not-for-profit that is the only organization working solely on mobilizing the $100 trillion bond market for climate change solutions. They produce market updates as well as many other reports and resources on the green bond market. 

Created the Adaptation Clearing House, which serves as a centralized source of information and resources to assist decision-makers at the state, tribal, regional, and local levels when planning for and implementing climate adaptation and resiliency efforts across California. They have Tools, Datasets, and Research to support California planners and decision makers. Research most applicable to this webinar series include:

• Climate Adaptation Finance and Investment in California, October 2018
  This guide intends to provide a survey of issues, considerations and sources of funding that can help guide strategies and tactics for investing in adaptation and resilience in California.
• Planning and Investing for a Resilient California
  This document provides high level guidance on what future conditions to plan for and how State agencies should approach planning differently in light of a changing climate.

• Cal-Adapt.org
  Provides a view of how climate change might affect California. Find tools, data, and resources to conduct research, develop adaptation plans and build applications.
• Green California
  Example of impact reporting. Website contains data on the impact of state-owned green buildings and vehicles, including energy usage, water usage, and greenhouse gas emissions.
• Paying it Forward: The Path Toward Climate-Safe Infrastructure in California, September 2018
  AB 2800 (Quirk, 2016) mandated that a panel of scientists, registered engineers and architects be convened to help the State of California understand how it can best incorporate forward-looking climate information into the state’s infrastructure design, planning and implementation. The panel, titled Climate-Safe Infrastructure Working Group (CSIWG), produced this report to examine how climate change impacts can be included in infrastructure planning, design, and implementation processes. Most applicable to this webinar series is Chapter 8, Funding Infrastructure: Trends, Needs, Challenges and Tools.
• Green Bonds: A Short Term Trend or a New Way to Finance Public Infrastructure
  A two-page article that provides an overview of Green Bonds, why Green Bonds should be considered by issuers, the Green Bond Pledge, and the incremental cost of issuing Green Bonds.
• About Green Bonds, MSRB, 2018
  Overview of Green Bonds issued by municipal entities and discussion of considerations for investors who may be considering investing in Green Bonds.
• Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds, October 2018
  Authors: Malcom Baker, Daniel Bergstresser, George Serafeim, Jeffrey Wurgler
  Study on the pricing and ownership pattern of Green Bonds. As predicted, they found that green municipal bonds are issued at a premium to otherwise similar ordinary bonds. They also confirm that green bonds, particularly small or essentially riskless ones, are more closely held than ordinary bonds. These pricing and ownership effects are strongest for bonds that are externally certified as green.
• EasyXDI
  A product that allows self-investigation of climate risk to buildings and infrastructure. In a simple three-step process, users select asset type, location, and asset life span then click for analysis. EasyXDI quickly returns projections of risks and insurance costs covering flooding, tides, storms, droughts, wildfires and heat-waves.