Learn about Capital Programs & Climate Financing Authority (CPCFA) including our News & Press Releases, Projects, and Team.
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Learn about Capital Programs & Climate Financing Authority (CPCFA) including our News & Press Releases, Projects, and Team.
About Capital Programs & Climate Financing Authority (CPCFA)
- Created in
- 1972
- Total Bonds Outstanding (as of 12/31/2025)
- $2,738,394,253
- Total New Money Bonds Issued 1/1/2025 – 12/31/2025
- $120,525,500
Welcome to CPCFA’s Tax-Exempt Bond Program
On behalf of the Capital Programs & Climate Financing Authority (CPCFA), thank for visiting our investor relations website for our Tax-Exempt Bond Program.
We appreciate your interest in bonds and notes issued through CPCFA, as these investments of private capital allow small and large businesses, nonprofits, and public-private partnerships to build projects providing public benefits for California.
CPCFA is a state-level conduit issuer which has worked with applicants and their financing teams on projects in federally-defined tax-exempt categories for over 50 years.
Formerly known as the California Pollution Control Financing Authority—named for the private activity bond category “pollution control”—we currently accept applications for projects in the following categories:
- Solid waste handling, disposal, recycling or converting (organic and inorganic)
- Water furnishing
- Wastewater treatment and processing
- Carbon dioxide capture
- Industrial development bond (IDB) projects which overlap with a CPCFA
category.
Each applicant selects financing team members, including bond counsel which determines project eligibility, and underwriter or direct bank purchaser which evaluate the marketability of the offering. CPCFA can issue bonds or notes for projects
which qualify as fully or partially tax-exempt, as well as bond anticipation notes, and refundings.
All of CPCFA’s project categories have the potential for positive climate impacts and thus can be issued as Green Bonds. Applicants select third-party certification to issue a Green Bond.
Information about the CPCFA Tax-Exempt Bond program issuance process as well program statutes and regulations can be
found at
https://www.treasurer.ca.gov/cpcfa/tax-exempt/index.asp.
In addition to the Tax-Exempt Bond Program, CPCFA administers other programs which encourage capital investment in projects advancing California’s environmental, economic, and climate policy goals, which you can learn about
at
https://www.treasurer.ca.gov/cpcfa/.
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News
California State Treasurer Fiona Ma, CPA, Issues Statement Following Governor Newsom Signing AB 786
CPCFA Now Called Capital Programs & Climate Financing Authority
SACRAMENTO – California Treasurer Fiona Ma, CPA, today issued the following statement after Governor Gavin Newsom signed AB 786 into law. “For more than 50 years, CPCFA has supported California’s environmental and economic goals. With the passage of AB 786, the Capital Programs & Climate Financing Authority’s new name reflects our continued commitment to financing projects that strengthen our communities and protect our environment. I want to thank Assemblymember José Luis Solache for authoring this important legislation and helping us align CPCFA’s mission with California’s climate future.”
AB 786, which takes effect on January 1, 2026, renames the California Pollution Control Financing Authority as the Capital Programs & Climate Financing Authority (CPCFA).
“AB 786 makes necessary updates that will eliminate confusion by more accurately reflecting the CPCFA’s current scope of work,” said Assemblymember José Luis Solache, Jr. “Importantly, this legislation increases transparency and accessibility. Thank you to Treasurer Ma for her partnership on this bill.”
CPCFA administers programs that encourage capital investment in projects advancing California’s environmental, economic, and climate policy goals.
Established within the State Treasurer’s Office in 1972 and operating since March 7, 1973, CPCFA was originally focused on financing industrial projects that reduced air and water pollution. Its updated name now represents the breadth of its work supporting California’s transition to a cleaner, more resilient economy.
On July 15, 2024, Assembly Bill (AB) 2731, sponsored by Assemblymember Carrillo, was signed into law by Governor Newsom. This change allows the addition of qualified carbon dioxide capture facilities as a new, eligible project type for the issuance of private activity Tax-Exempt Bonds within the CPCFA Bond Program.
A recent report by the Lawrence Livermore National Laboratory and the Clean Air Task Force identifies carbon dioxide capture storage as a tool that can be helpful to California’s goal to become carbon-neutral. At this time the only projects of this type that we are aware of being planned for California are pilot projects funded by the National Energy Commission. Adding carbon dioxide capture facilities to our qualified project list places CPCFA in the position to assist in financing projects as the technology emerges.
Projects
Team
Shela Tobias-Daniel
Doreen Smith
Deanna Hamelin
Lyudmila Farbitnikova
Morgan Matz
Tyler Hanks
Yoerina Handojo
CPCFA Board Activities
Talk to us
Have questions? Reach out to us directly.