- Measure is largest borrowing referendum on 2022 US ballots
- Will fund climate change mitigation in disadvantaged areas
New York voters approved a $4.2 billion environmental bond on Tuesday, one of the biggest wins for environmental, social and governance infrastructure in eight years and a sign of the sector’s growth in the municipal bond market.
The ballot measure was backed by 59% of voters, according to results posted by the New York State Board of Elections. The results were called by the Associated Press. The plan was widely expected to pass, following a long history of successful environmental bond acts in New York.
The New York financing plan is designed to strengthen climate and flooding resiliency in a state still recovering from weather-related disasters. The new debt will pay for green-building projects, water quality improvement and shoreline restoration.
Bloomberg Green
By Marvis Gutierrez
November 9, 2022