Metro announced Wednesday that it is releasing Climate Bonds Certified green bonds to provide a sustainable, cost-effective transportation service to the DC area.
The move comes as part of the agency’s planned capital investments that support climate change solutions, including clean energy and energy efficiency.
“This is an important step in supporting sustainability and contributing to the national capital region’s climate change objectives,” said Board Chair Paul Smedberg in a statement. “This green bond issue funds important capital investments in safety, reliability and Metro’s Energy Action Plan.”
With the Climate Bonds, Metro is expecting to attract more environmentally conscious buyers to increase investor demand.
We're building on our #sustainability mission with the issuance of our first ever Climate Bonds Certified green bonds. The release of Climate Bonds is part of our commitment to delivering sustainable, cost-effective transportation service to the Washington Metropolitan Region. pic.twitter.com/lWbX9TkcYA
— Metro (@wmata) May 19, 2021
Metro’s Board of Directors approved the projected $874 million bond offer last week. It will be used to reduce energy consumption and improve efficiencies under Metro’s Energy Action Plan.
“As we build for the future, we recognize Metro’s leadership role to address the region’s climate challenges through sustainable transportation and solutions,” said Metro General Manager/CEO Paul Wiedefeld. “Issuing these bonds demonstrates our commitment to support the region’s sustainability goals and helps expand zero- and low-emission public transportation options in the Washington Metropolitan region.”
The Climate Bonds will finance green infrastructure and climate resiliency projects including:
- Traction power upgrades to support additional eight-car trains
- Fare collection modernization
- Zero-emission bus system upgrades
- Bus facility upgrades including Bladensburg and Northern which are expected to meet LEED green building standards