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New York MTA Issues 'Green Bonds'
The New York Metropolitan Transportation Authority (MTA) offered its first-ever “Green Bonds” to the public Feb. 17-18, promoting them with a targeted marketing campaign on websites and area radio stations.
“Eight and a half million people travel on MTA trains and buses every day,” said MTA Chairman and CEO Thomas F. 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 are certified by the Climate Bonds Initiative (CBI), an international not-for-profit organization that supports financing for projects that help reduce the impacts of climate change. The bonds’ proceeds of $500 million will pay for projects on MTA New York City Transit, Long Island Rail Road and Metro-North Railroad.
MTA is not the first U.S. public transit agency to offer green bonds. Last year, Sound Transit in Seattle executed the sale of almost $1 million in green bonds.