SR91

WHEREAS, in 2021, the State became the first in the nation to declare a climate emergency, recognizing climate change as an urgent matter of public concern; and

WHEREAS, that same year, state lawmakers passed Act 178, Session Laws of Hawaii, 2021, which directed the State's agencies to collaborate in identifying state facilities that are vulnerable to sea level rise, flooding, and other natural hazards; and

WHEREAS, mitigating and adapting to climate change will require additional public resources; and

WHEREAS, some states, including California, have begun to explore the use of green bonds as a means of financing projects and programs related to the advancement of climate change initiatives, clean energy, conservation goals; and

WHEREAS, 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; and

WHEREAS, the International Capital Market Association has developed green bond principles, which have been updated as recently as 2021, that promote integrity and transparency in the development and deployment of green bond programs; and

WHEREAS, 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; and

WHEREAS, 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; and

WHEREAS, on January 28, 2025, the Governor signed an executive order to promote and expedite the development of renewable energy across the State; and

WHEREAS, the executive order accelerates renewable development for neighbor island communities to achieve one hundred percent renewable energy portfolio standards from 2045 to 2035, sets a statewide goal of fifty thousand distributed renewable energy installation by 2030, and directs state departments to streamline the permitting of renewable developments to reduce energy costs; now, therefore,

BE IT RESOLVED by the Senate of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, that the Hawaii State Energy Office is requested to conduct a study evaluating the feasibility of establishing a green bonds program in the State; and

BE IT FURTHER RESOLVED that for the study the Hawaii State Energy Office is requested to evaluate:

(1) Best practices for managing green bonds program;

(2) Clean energy initiatives that may benefit from funding generated through a green bonds program; and

(3) Opportunities for developing interagency and public‑private sector partnerships in establishing a green bonds program; and

BE IT FURTHER RESOLVED that the Hawaii State Energy Office is requested to submit the study and report 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; and

BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Governor and the Chief Energy Officer.

	OFFERED BY:	_____________________________

Report Title:

HSEO; Green Bonds; Report

THE SENATE	S.R. NO.	91
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII