Hawaii 2025 Regular Session

Hawaii Senate Bill SB1258 Compare Versions

Only one version of the bill is available at this time.

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1	1	THE SENATE S.B. NO. 1258 THIRTY-THIRD LEGISLATURE, 2025 STATE OF HAWAII A BILL FOR AN ACT relating to green bonds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3	THE SENATE S.B. NO. 1258
4	4	THIRTY-THIRD LEGISLATURE, 2025
5	5	STATE OF HAWAII
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7	7	THE SENATE
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9	9	S.B. NO.
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11	11	1258
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13	13	THIRTY-THIRD LEGISLATURE, 2025
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17	17	STATE OF HAWAII
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31	31	A BILL FOR AN ACT
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37	37	relating to green bonds.
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43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47	47	SECTION 1. The legislature finds that climate change is an urgent matter of public concern. In 2021, Hawaii became the first State to declare a climate emergency. That same year, lawmakers passed Act 178, Session Laws of Hawaii 2021, which directs the State's agencies to collaborate toward identifying state facilities that are vulnerable to sea-level rise, flooding, and natural hazards. The legislature further finds that mitigating and adapting to climate change will require additional public resources. Some states, including California, have begun exploring the use of green bonds as a means of financing projects and programs related to the advancement of climate change, clean energy, and conservation goals. The legislature additionally finds that green bonds are specifically designed to support sustainable and socially responsible projects, including investments in renewable energy, energy efficiency, clean transportation, waste management, natural resource conservation, water system preservation, marine ecosystem restoration, and green infrastructure. The legislature also finds that the International Capital Market Association has developed green bond principles, updated as of June 2021, which promote integrity and transparency in the development and deployment of green bond programs. The green bond principles recommend a clear process and disclosure for issuers, which investors, banks, underwriters, arrangers, placement agents and others may use to understand the characteristics of any given green bond. The green bond principles emphasize the required transparency, accuracy, and integrity of the information that will be disclosed and reported by issuers to stakeholders through core components and key recommendations. The purpose of this Act is to establish a green bonds working group to develop recommendations for creating a green bonds financing program for Hawaii. SECTION 2. (a) There is established a green bonds working group within the department of business, economic development, and tourism for administrative purposes. (b) The working group shall: (1) Develop recommendations for a green bonds financing program that assists in financing projects related to climate change mitigation and adaptation, environmental conservation, and sustainability; (2) Evaluate opportunities for increasing investment in projects related to climate change, conservation, and sustainability through a green bonds financing program, including through coordination between the public and private sectors; (3) Determine the types of projects and programs that may qualify for funding through a green bonds financing program, including eligibility criteria for receiving funding; (4) Collaborate with and gather information from other stakeholders and agencies within and outside of the State that are working to implement green bonds financing programs; (5) Perform an analysis of the International Capital Market Association's "Green Bonds Principles: Voluntary Process Guidelines for Issuing Green Bonds" as it relates to the possible establishment of a green bonds financing program for Hawaii; and (6) Estimate the cost of creating a green bonds financing program facilitated by the State. (c) The working group shall consist of the following members, or their respective designees: (1) The director of business, economic development, and tourism, who shall serve as chairperson of the working group; (2) The director of finance; (3) The chairperson of the board of land and natural resources; (4) The executive director of the Hawaii green infrastructure authority; (5) The director of the office of planning and sustainable development; (6) A member from the senate, to be appointed by the president of the senate; and (7) A member from the house of representatives, to be appointed by the speaker of the house of representatives. (d) The chairperson of the working group shall invite the following individuals to participate as members of the working group: (1) A representative from a nonprofit, public interest organization specializing in environmental conservation; (2) A representative from a nonprofit, public interest organization specializing in climate change mitigation and adaptation; and (3) Other interested parties with experience that the chairperson deems relevant to the purposes of the working group. (e) The members of the working group shall serve without compensation but shall be reimbursed for expenses, including travel expenses, necessary for the performance of their duties. (f) The working group shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026. (g) The working group shall cease to exist on June 30, 2026. SECTION 3. This Act shall take effect upon its approval. INTRODUCED BY: _____________________________
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49	49	SECTION 1. The legislature finds that climate change is an urgent matter of public concern. In 2021, Hawaii became the first State to declare a climate emergency. That same year, lawmakers passed Act 178, Session Laws of Hawaii 2021, which directs the State's agencies to collaborate toward identifying state facilities that are vulnerable to sea-level rise, flooding, and natural hazards.
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51	51	The legislature further finds that mitigating and adapting to climate change will require additional public resources. Some states, including California, have begun exploring the use of green bonds as a means of financing projects and programs related to the advancement of climate change, clean energy, and conservation goals.
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53	53	The legislature additionally finds that green bonds are specifically designed to support sustainable and socially responsible projects, including investments in renewable energy, energy efficiency, clean transportation, waste management, natural resource conservation, water system preservation, marine ecosystem restoration, and green infrastructure.
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55	55	The legislature also finds that the International Capital Market Association has developed green bond principles, updated as of June 2021, which promote integrity and transparency in the development and deployment of green bond programs. The green bond principles recommend a clear process and disclosure for issuers, which investors, banks, underwriters, arrangers, placement agents and others may use to understand the characteristics of any given green bond. The green bond principles emphasize the required transparency, accuracy, and integrity of the information that will be disclosed and reported by issuers to stakeholders through core components and key recommendations.
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57	57	The purpose of this Act is to establish a green bonds working group to develop recommendations for creating a green bonds financing program for Hawaii.
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59	59	SECTION 2. (a) There is established a green bonds working group within the department of business, economic development, and tourism for administrative purposes.
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61	61	(b) The working group shall:
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63	63	(1) Develop recommendations for a green bonds financing program that assists in financing projects related to climate change mitigation and adaptation, environmental conservation, and sustainability;
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65	65	(2) Evaluate opportunities for increasing investment in projects related to climate change, conservation, and sustainability through a green bonds financing program, including through coordination between the public and private sectors;
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67	67	(3) Determine the types of projects and programs that may qualify for funding through a green bonds financing program, including eligibility criteria for receiving funding;
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69	69	(4) Collaborate with and gather information from other stakeholders and agencies within and outside of the State that are working to implement green bonds financing programs;
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71	71	(5) Perform an analysis of the International Capital Market Association's "Green Bonds Principles: Voluntary Process Guidelines for Issuing Green Bonds" as it relates to the possible establishment of a green bonds financing program for Hawaii; and
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73	73	(6) Estimate the cost of creating a green bonds financing program facilitated by the State.
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75	75	(c) The working group shall consist of the following members, or their respective designees:
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77	77	(1) The director of business, economic development, and tourism, who shall serve as chairperson of the working group;
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79	79	(2) The director of finance;
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81	81	(3) The chairperson of the board of land and natural resources;
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83	83	(4) The executive director of the Hawaii green infrastructure authority;
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85	85	(5) The director of the office of planning and sustainable development;
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87	87	(6) A member from the senate, to be appointed by the president of the senate; and
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89	89	(7) A member from the house of representatives, to be appointed by the speaker of the house of representatives.
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91	91	(d) The chairperson of the working group shall invite the following individuals to participate as members of the working group:
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93	93	(1) A representative from a nonprofit, public interest organization specializing in environmental conservation;
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95	95	(2) A representative from a nonprofit, public interest organization specializing in climate change mitigation and adaptation; and
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97	97	(3) Other interested parties with experience that the chairperson deems relevant to the purposes of the working group.
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99	99	(e) The members of the working group shall serve without compensation but shall be reimbursed for expenses, including travel expenses, necessary for the performance of their duties.
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101	101	(f) The working group shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026.
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103	103	(g) The working group shall cease to exist on June 30, 2026.
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105	105	SECTION 3. This Act shall take effect upon its approval.
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109	109	INTRODUCED BY: _____________________________
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111	111	INTRODUCED BY:
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119	119	Report Title: DBEDT; Green Bonds Working Group; Green Bonds Financing Program Description: Establishes a Green Bonds Working Group within the Department of Business, Economic Development, and Tourism. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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125	125	Report Title:
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127	127	DBEDT; Green Bonds Working Group; Green Bonds Financing Program
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131	131	Description:
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133	133	Establishes a Green Bonds Working Group within the Department of Business, Economic Development, and Tourism.
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141	141	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.