San Francisco, CA — The San Francisco Public Utilities Commission’s 2018 Green Bond issuance has been recognized with a top honor from Environmental Finance, an international organization that covers and promotes market-based solutions to climate change through its magazine and conferences.
The SFPUC was awarded Environmental Finance’s US Municipal Green Bond of the Year. With more than $1.4 billion in certified green bonds issued, the SFPUC is among the largest issuers of municipal green bonds in the country. This is the second award given to the SFPUC for its leadership in green bonds. In 2017, the SFPUC was recognized by the Climate Bonds Initiative for being the first issuer worldwide to sell bonds under its water criteria.
“When we build for our future, we need to do so in a manner that’s sustainable and mindful of the impacts of climate change,” said SFPUC General Manager Harlan L. Kelly, Jr. “Our Green Bonds will fund critical infrastructure projects that support our mission as an environmental leader. We are grateful to be recognized by Environmental Finance for our commitment to smart environmental and economic policies.”
The SFPUC was one of the inaugural issuer signatories of the Green Bond Pledge in 2018, a commitment by the agency to sell green bonds to finance infrastructure that supports climate resilience and the reduction of greenhouse gas emissions.
In 2018, the SFPUC issued two series of Green Bonds for the Wastewater Enterprise, Series 2018 A and C, totaling $400 million. Proceeds from the bonds will fund SFPUC's Sewer System Improvement Program
, helping to pay for resilience upgrades to address aging infrastructure, seismic reliability, combined sewer discharges, rising sea levels and localized flooding.
We view green bonds as an opportunity for the SFPUC to communicate to ratepayers and investors about the innovative work we're doing to address climate risk as well as improve the communities we serve,” said SFPUC Chief Financial Officer Eric Sandler. “We also see green bonds as an opportunity to expand our investor base, both here in the US and internationally. It's a great honor to be recognized by Environmental Finance for our work on green bonds.”
This year’s Environmental Finance awards honored projects from 2018 and recognized best practices that were significant for the development of the Green Bond market. The awards were decided by an independent panel of judges made up of some of the biggest investors in the green, social and sustainability bond market.
About the San Francisco Public Utilities Commission
The San Francisco Public Utilities Commission (SFPUC) is a department of the City and County of San Francisco. It delivers drinking water to 2.7 million people in the San Francisco Bay Area, collects and treats wastewater for the City and County of San Francisco, and generates clean power for municipal buildings, residents, and businesses. The SFPUC’s mission is to provide customers with high quality, efficient and reliable water, power, and sewer services in a manner that values environmental and community interests and sustains the resources entrusted to our care. Learn more at www.sfwater.org.