Analysis of Green Bond Financing in the Public Transportation Industry (2021)

Below is the uncorrected machine-read text of this chapter, intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text of each book. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

34 The following is a compilation of resources from this report that transit agencies may use as they are evaluating green bonds and developing green bond frameworks. Definitions and Taxonomies For understanding how different groups are defining what qualifies as green. The International Capital Market Association’s Green Bond Principles (GBP) lay forth the requirements for what constitutes a green bond and are essential for understanding the issuance process. The Social Bond Principles provide similar guidance for initiatives that generate positive social impacts. The Sustainability Bond Principles are a combination of the requirements for the other two frameworks. The Climate Bond Initiative’s resources provide some insight into what qualifies as a green project for one of the most prominent verifiers of green bonds. • International Capital Market Association: – Green Bond Principles – Social Bond Principles – Sustainability Bond Principles • Climate Bond Initiative: – Standard Taxonomy – Taxonomy for Low-Carbon Transportation Sustainable Finance Frameworks For understanding sustainable finance priorities worldwide, and how transit agencies can play a role. These frameworks are not specifically focused on green bonds, but they provide broader context into how markets are coalescing around sustainability. • Relevant frameworks: – Task Force for Climate-Related Financial Disclosures (TCFD) – Final Report of the EU Technical Expert Group on Sustainable Finance – Equator Principles – United Nations Principles for Responsible Investment (UNPRI) Green Bond and Sustainability Bond Frameworks For understanding how agencies make their decisions on green and sustainable bonds and com- municate that decision-making process to investors. Transit agencies can use these documents to understand how the GBP shape the issuance of a green bond, and to see the different strategies A P P E N D I X Green Bond Links and Resources for Transit Agencies

Green Bond Links and Resources for Transit Agencies 35 adopted by these different successful green bond issuers. Similarly, the Massachusetts Bay Trans- portation Authority (MBTA) framework provides an example of a framework for a sustain- ability bond. Transit agencies can use the MBTA framework to explore the opportunity for expanding the types of initiatives that can be funded by use of proceeds instruments. • Example green bond frameworks: – Los Angeles County Metropolitan Transportation Authority • https://www.climatebonds.net/certification/los-angeles-county-mta • https://www.bloomberg.com/news/articles/2020-08-11/la-metro-prices-its-biggest- bond-deal-ever-as-ridership-plunges – South Coast British Columbia Transportation Authority – SNCF Réseau – RZD – Citi Green Bond Framework • Example sustainability bond frameworks: – Massachusetts Bay Transportation Authority Green Bond Databases For searching available compiled data on green bonds. Transit agencies can use these documents to familiarize themselves with prior green bond issuances. • CBI Labelled Green Bonds Data • CBI Certified Green Bonds Data Additional Resources For developing an understanding of the core concepts of green bonds. Transit agencies can use these webinars to introduce these important topics to anyone who may be involved in a future green bond issuance. • California Debt and Investment Advisory Commission: – Green Bonds Webinars

Abbreviations and acronyms used without definitions in TRB publications: A4A Airlines for America AAAE American Association of Airport Executives AASHO American Association of State Highway Officials AASHTO American Association of State Highway and Transportation Officials ACI–NA Airports Council International–North America ACRP Airport Cooperative Research Program ADA Americans with Disabilities Act APTA American Public Transportation Association ASCE American Society of Civil Engineers ASME American Society of Mechanical Engineers ASTM American Society for Testing and Materials ATA American Trucking Associations CTAA Community Transportation Association of America CTBSSP Commercial Truck and Bus Safety Synthesis Program DHS Department of Homeland Security DOE Department of Energy EPA Environmental Protection Agency FAA Federal Aviation Administration FAST Fixing America’s Surface Transportation Act (2015) FHWA Federal Highway Administration FMCSA Federal Motor Carrier Safety Administration FRA Federal Railroad Administration FTA Federal Transit Administration HMCRP Hazardous Materials Cooperative Research Program IEEE Institute of Electrical and Electronics Engineers ISTEA Intermodal Surface Transportation Efficiency Act of 1991 ITE Institute of Transportation Engineers MAP-21 Moving Ahead for Progress in the 21st Century Act (2012) NASA National Aeronautics and Space Administration NASAO National Association of State Aviation Officials NCFRP National Cooperative Freight Research Program NCHRP National Cooperative Highway Research Program NHTSA National Highway Traffic Safety Administration NTSB National Transportation Safety Board PHMSA Pipeline and Hazardous Materials Safety Administration RITA Research and Innovative Technology Administration SAE Society of Automotive Engineers SAFETEA-LU Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (2005) TCRP Transit Cooperative Research Program TDC Transit Development Corporation TEA-21 Transportation Equity Act for the 21st Century (1998) TRB Transportation Research Board TSA Transportation Security Administration U.S. DOT United States Department of Transportation

Transportation Research Board 500 Fifth Street, N W W ashington, D C 20001 AD D RESS SERVIC E REQ U ESTED ISBN 978-0-309-67368-6 9 7 8 0 3 0 9 6 7 3 6 8 6 9 0 0 0 0