We strive for a clear sustainability story. Each review explains the positive ESG impacts associated with bond-financed activities and how the bonds conform with internationally accepted standards for green and bonds.
RBC Sustainable Commercial Paper Program
RBC engaged Kestrel Verifiers to use the ICMA (International Capital Market Association) Sustainability Bond Guidelines as criteria to review the Program design and assess alignment with RBC’s Sustainable Commercial Paper Program Framework. RBC will also leverage Kestrel ESG Impact Data to assist with identifying and selecting Eligible Assets that meet criteria in the Framework. The External Review summarizes Kestrel’s assessment of the Program and describes the important role of the Sustainable Commercial Paper Program in growth of the sustainable finance market.
Kestrel provided a Second Party Opinion for a Social Bonds designation for the Commonwealth of Massachusetts in the largest Social, Green, or Sustainability Bond issuance in the municipal market to date. The bonds repay outstanding federal advances borrowed to pay unemployment insurance benefits which spiked in 2020 as a result of the COVID-19 pandemic and replenish the Unemployment Insurance Trust Fund to pay for future benefits. The Unemployment Insurance Program plays a critical role in delivering economic relief to individuals and families experiencing financial hardship during the COVID-19 pandemic.
Green Bonds - Climate Bond Certified
Proceeds refinance acquisition of five solar farms and finance the upcoming acquisition of four more. MEC’s Solar Projects directly advance net zero goals by increasing renewable energy generation capacity in Missouri and reducing greenhouse gas emissions associated with energy generation. Kestrel provided a Verifier’s Report confirming the Series 2022 Bonds conformance with the Solar Criteria under the Climate Bonds Standard.
The American Forest Foundation issued its first Green Bonds in July 2022 to finance the Family Forest Carbon Program. The program provides incentive payments to individual landowners in Central Appalachia to encourage the reduction of timber harvests and promote the growth of mature forests as a means to reduce CO2 emissions significantly over the contract periods. All projects and carbon offsets generated as a result of the changes in management practices will be verified under an approved methodology and certified by Verra. Kestrel provided a Second Party Opinion on the Green Bonds which align with the Environmentally Sustainable Management of Living Natural Resources project category in the Green Bond Principles.
Green Bonds - Climate Bond Certified
The City of San José issued Certified Climate Bonds in 2022 to finance improvements to the San José-Santa Clara Regional Wastewater Facility. The projects incorporate best available technologies to improve treatment processes, reduce emissions from wastewater treatment, and reuse biosolids. The financed activities support climate resilience, sustainability, and environmental stewardship. Kestrel recommended a Climate Bonds certification and provided an external review on the alignment of the bonds with the Water Infrastructure Sector Criteria under the Climate Bonds Standard.
Kestrel provided an external review of the 2022 Bonds. Bond proceeds finance affordable local housing projects in Alameda County as authorized under Measure A1. The County’s Housing and Community Development Department works closely with local communities and the County Board of Supervisors to implement comprehensive strategies to prioritize housing needs of the most vulnerable populations in the County.
Kestrel provided an external review for a Sustainability Bonds designation for the 2022 bonds that financed activities in the 2023-2032 Capital Improvements Program for Tampa Bay Water. Financed projects include improvements to intakes for the Desalination Facility, surface water treatment plant upgrades to increase capacity, and projects to improve water quality and climate resilience.
The City of Chicago issued Social Bonds financing affordable housing, environmental justice initiatives, and community development projects prioritized in the Chicago Recovery Plan. The social bonds designation through Kestrel highlighted bond-financed activities with significant positive social impacts including homelessness support services, tree canopy equity expansion, and community development grants for rehabilitating vacant lots.
Green Bonds - Climate Bond Certified
Kestrel provided a Verifier’s Report for bonds financing the State of New Jersey Wind Port Project to receive certification as Climate Bonds. The financed project involves construction of a dedicated port facility to support deployment of 11 GW of offshore wind power across the United States Eastern Seaboard. In addition to advancing clean energy goals in New Jersey, the bonds are the first-ever bonds in the US to meet the Marine Renewable Energy Sector Criteria of the Climate Bonds Standard.
The Bonds finance mortgage loans for single-family residential housing for very low-, low-, and moderate-income persons. Kestrel provided a Second Party Opinion confirming the Bonds align with three eligible Social Project categories under the Social Bond Principles. In issuing these Bonds, THDA demonstrates continued leadership and a commitment to improving affordability and access to single-family housing for minority and at-risk populations. With its original grant programs, commendable community outreach and Great Choice Loan Program, Kestrel views THDA as exemplary in terms of positive social impact in the US affordable housing sector.
|wdt_ID||Issuer||Label||Dated Date||Sector||Series||EMMA Link||Par||Tax Status||Location|
|1||City of Minneapolis, Minnesota||Green||31/10/2018||Public Facilities||General Obligation Capital Improvement Bonds (Green Bonds), Series 2018||$ 96,220,000||Tax-Exempt||MN|
|2||Connecticut Green Bank||Climate||26/03/2019||Power||Solar Home Renewable Energy Credits (SHREC) Collateralized Notes Series 2019-1 Class A and Class B||$ 38,600,000||Taxable||CT|
|3||South Bayside Waste Management Authority||Green||09/07/2019||Solid Waste||Solid Waste Enterprise Refunding Revenue Bonds (Shoreway Environmental Center) Series 2019A (Non-AMT) (Green Bonds)||$ 31,860,000||Tax-Exempt||CA|
|4||South Bayside Waste Management Authority||Green||09/07/2019||Solid Waste||Solid Waste Enterprise Revenue Bonds (Shoreway Environmental Center) Series 2019B (AMT) (Green Bonds)||$ 16,915,000||Tax-Exempt||CA|
|5||Sacramento Municipal Utility District||Green||25/07/2019||Public Facilities||Electric Revenue Bonds, 2019 Series G||$ 59,640,000||Tax-Exempt||CA|
|6||Equitable School Revolving Fund (Arizona Industrial Development Authority)||Social||29/08/2019||Education||National Charter School Revolving Loan Fund Revenue Bonds Series 2019A (Social Bonds)||$ 92,715,000||Tax-Exempt||AZ|
|7||Equitable Schools Revolving Fund (California Infrastructure and Economic Development Bank)||Social||29/08/2019||Education||National Charter School Revolving Loan Fund Revenue Bonds Series 2019B (Social Bonds)||$ 19,010,000||Tax-Exempt||CA|
|8||City of Minneapolis, Minnesota||Green||05/12/2019||Public Facilities||General Obligation Bonds (Green Bonds), Series 2019||$ 114,400,000||Tax-Exempt||MN|
|9||California Infrastructure and Economic Development Bank (CalSTRS)||Climate||19/12/2019||Public Facilities||Lease Revenue Bonds (California State Teachers' Retirement System Headquarters Expansion), Series 2019 (Green Bonds - Climate Bond Certified)||$ 272,605,000||Tax-Exempt||CA|
|10||City of Berkeley, California||Green||16/04/2020||Public Facilities||2020 Refunding General Obligation Bonds, Series A (2008 Election Measure FF: Neighborhood Branch Library Improvement Project) (Green Bonds)||$ 7,790,000||Tax-Exempt||CA|