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HB932
HOUSE OF REPRESENTATIVES
H.B. NO.
932
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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SECTION
1.
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The legislature finds that climate
change is an urgent matter of public concern.
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In 2021, Hawaii became the first State to
declare a climate emergency.
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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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The
legislature further finds that mitigating and adapting to climate change will
require additional public resources.
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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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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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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.
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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.
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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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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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SECTION
2.
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(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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(b)
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The working group shall:
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(1)
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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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(2)
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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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(3)
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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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(4)
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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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(5)
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Perform an analysis of the International
Capital Market Association's "Green Bonds Principles:
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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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(6)
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Estimate the cost of creating a green bonds financing
program facilitated by the State.
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(c)
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The working group shall consist of the
following members, or their respective designees:
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(1)
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The director of business, economic
development, and tourism, who shall serve as chairperson of the working group;
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(2)
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The director of finance;
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(3)
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The chairperson of the board of land and
natural resources;
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(4)
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The executive director of the Hawaii green
infrastructure authority;
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(5)
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The director of the office of planning and
sustainable development;
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(6)
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A member from the senate, to be appointed by
the president of the senate; and
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(7)
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A member from the house of representatives, to
be appointed by the speaker of the house of representatives.
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(d)
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The chairperson of the working group shall
invite the following individuals to participate as members of the working
group:
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(1)
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A representative from a nonprofit, public
interest organization specializing in environmental conservation;
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(2)
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A representative from a nonprofit, public
interest organization specializing in climate change mitigation and adaptation;
and
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(3)
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Other interested parties with experience that
the chairperson deems relevant to the purposes of the working group.
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(e)
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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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(f)
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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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(g)
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The working group shall cease to exist on
June 30, 2026.
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SECTION 3.
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This Act shall take effect upon its approval.
INTRODUCED BY:
_____________________________
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.