For the first time ever, the Metropolitan Transportation Authority (MTA) will offer “Green Bonds” for a two-day order period beginning Wednesday, February 17.
The bonds are certified by the Climate Bonds Initiative, an international non-profit organization that supports financing for projects around the world that help reduce the impacts of climate change. According to the MTA, Green Bonds, also known as Climate Bonds, were popularized in 2010 as a method for raising capital for climate-friendly projects across the globe.
“Eight and a half million people travel on MTA trains and buses every day,” said MTA Chairperson and CEO Thomas Prendergast. “By leaving their cars at home and embracing mass transit, New Yorkers play a dramatic role in reducing carbon emissions. These bonds recognize the ways in which mass transit and commuters work together to keep carbon out of the atmosphere, and that makes them the perfect choice for people who want to invest in the renewal and modernization of the greatest transportation system in the world, while at the same time helping New York to be greener, and healthier.”
The bonds’ proceeds will pay for continuing work on infrastructure renewal and upgrade projects on New York City Transit, the Long Island Railroad and Metro-North Railroad that began during the MTA’s 2010-2014 Capital Program.