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Green Bonds and Climate Bond Certification

Updated Jan 9, 2024

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Climate Bond Certified Bonds

In early 2016, the Climate Bonds Standard Board of the Climate Bonds Initiative ("CBI") approved the designation of MTA’s Transportation Revenue Bonds, Series 2016A Bonds as “Climate Bond Certified.” As part of the certification process, MTA engaged Sustainalytics as an independent verifier to review MTA’s 2010-2014 Capital Program to identify projects with expenditures that met the Climate Bond Standard using the Low Carbon Transport criteria.  Sustainalytics identified projects totaling $11.3 billion which qualified under the Low Carbon Transport criteria as eligible projects for CBI Programmatic Certification.  After an analysis of MTA’s Capital Program elements, CBI agreed to certify up to a maximum of $11.3 billion of bonds issued by MTA for credits that fund the Transit and Commuter Systems portion of its Capital Programs. For the $11.3 billion, MTA issued CBI certified bonds pursuant to both Climate Bonds Standard 2.0 and its successor Climate Bonds Standard 2.1.

Subsequently, MTA engaged First Environment, Inc. as an independent verifier to review MTA’s 2015-2019 Capital Program. First Environment's review concluded that $28.7 billion of projects qualify as eligible projects for CBI certification.  In July 2021, CBI approved the ongoing programmatic certification of future MTA bond issuances under the Climate Bonds Standard 3.0 and the sector eligibility requirements of Land Transport Criteria Version 2.0 (successor to the Low Carbon Transport criteria). Pursuant to an agreement, by and between CBI, MTA, MTA Bridges and Tunnels, and the State of New York, CBI agreed to certify bonds issued by MTA, MTA Bridges and Tunnels, and the State of New York up to an additional $28.7 billion of bonds for such projects, resulting in an aggregate CBI approval of $40.0 billion of bonds.

Below are the lists of bonds issued that have been designated as Climate Bond Certified.