Green Bonds

Learn about our environmental, social, and governance program, and how we bring those values to life with green bonds, sustainable projects, and more.
Total Green Bonds Issued Over Program Lifetime:

About Our Program

The California Pollution Control Financing Authority (CPCFA) is actively issuing Green Bonds to pollution control and other environmental projects meeting commonly accepted standards for climate investments.

The Green Bond Pledge

CPCFA is the first statewide financing authority in California to become a signatory to the Green Bond Pledge (Pledge).

“We agree that all infrastructure and capital projects will need to be climate resilient and, where relevant, support the reduction of greenhouse gas emissions. We welcome the role that green bonds can play in helping to achieve the financing of that infrastructure. As a signatory to this pledge, we support the rapid growth of a green bonds market, consistent with global best practices, that can meet the financing needs we face, and will issue, whenever applicable, bonds for infrastructure as green bonds. We pledge to support this goal by establishing a green bonds strategy that will finance infrastructure and capital projects that meet the challenges of climate change while transforming our community into a competitive, prosperous and productive economy.”

The Green Bond Pledge is a joint initiative developed and designed by international climate finance and environmental groups including the California Treasurer's Office, California Governor's Office, Climate Bonds Initiative, Mission 2020, CDP, Ceres, Citizens Climate Lobby, Global Optimism, National Resources Defense Council, and The Climate Group.

The Green Bond Pledge is a simple declaration with broad and far-reaching impact. It is founded in the acknowledgment that climate change is real, and that intentional investments in infrastructure and capital projects that address environmental impact and climate risk is a globally accepted and preferred strategy to mitigate the impacts of climate change on our communities. To this end, green bonds have been recognized as assurance of the beneficial environmental and climate outcomes of infrastructure projects and related investments. A green bond designation signals that these imperatives have been deliberately incorporated into the planning and deployment of projects funded through this market mechanism.

To carry out the Pledge, On October 17, 2018 the Authority directed CPCFA’s Executive Director to engage stakeholders in the development of a green bonds strategic plan for incentivizing the designation of CPCFA’s usual issuances as green bonds and assist the State with carrying out actionable strategies to accelerate the green bond market in California in an effort to meet the challenges of climate change and transform California into a more competitive, resilient and healthy economy for all residents in the State. Stakeholders interested in participating in the strategic planning should sign up for CPCFA’s listserv and follow this page.

CPCFA’s Green Bond Issuances

Since 1973, CPCFA has issued over $16.6 billion in tax-exempt and taxable purposes for environmental waste management, recycling and water furnishing projects, most of which meet the project definitions eligible for green bond financings based on the use and management of proceeds. The Authority’s portfolio can and should contribute to the growth of formally designated green and climate bond investments in California, and these projects should be valued for strengthening California’s environmental, economic and social resilience to climate change.

Pursuant to globally accepted standards, CPCFA has approved the following Green Bond financings: Click here to view the Green Bond financings.