ESG
New York Voters to Decide on $4.2 Billion of Bonds to Fight Climate Change
- Measure to help coastal communities seen winning approval
- Green debt of widely held issuer could spur ESG muni investing
Contractors work at the site of a flood defense project on the East side of Manhattan, New York City, in 2021.
Photographer: Ed Jones/AFP/Getty ImagesThis article is for subscribers only.
New Yorkers on Tuesday will vote on whether to help their neighbors most affected by climate change by approving a measure that would also boost ESG investing in the $4 trillion municipal bond market.
On the state ballot is a $4.2 billion environmental bond, the largest borrowing referendum in the nation this Election Day and if it were to pass would be one of the biggest for environmental, social and governance purposes since California approved a $7.5 billion plan for water-related projects eight years ago. Voters in New York historically have backed such ballot measures, and a recent poll showed this one is likely to pass.