Bill > SB941

This bill establishes a Green Bonds Working Group within Hawaii's Department of Business, Economic Development and Tourism to explore the potential creation of a green bond financing program for the state. Recognizing Hawaii's commitment to addressing climate change—including being the first state to declare a climate emergency—the bill seeks to develop recommendations for financing projects related to environmental sustainability. The working group will consist of representatives from various state agencies, including budget and finance, land and natural resources, and sustainable development, as well as legislative members and nonprofit environmental experts. Their specific tasks include developing recommendations for a green bonds program, evaluating investment opportunities, determining project eligibility criteria, analyzing international green bond principles, and estimating program implementation costs. The group will examine how green bonds can support projects in areas such as renewable energy, clean transportation, conservation, and climate adaptation. The working group is required to submit a comprehensive report to the legislature before the 2026 legislative session and will dissolve on June 30, 2026. Green bonds, as defined in the bill, are financial instruments specifically designed to fund environmentally and socially responsible projects, following guidelines established by the International Capital Market Association to ensure transparency and integrity in sustainable development financing.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=941&year=2025