Los Angeles marks green bond US first

The move marks the first time a US port has entered the growing sustainability bond market where investors support projects and companies making positive social and environmental change.

“Running a competitive and environmentally responsible port permeates every facet of our operations,’’ said Marla Bleavins, the port’s deputy executive director and chief financial officer. “This bond offering and the unprecedented savings it yields speak volumes about the value of this approach.”

These green bonds are part of an overall US$201.6 million bond issue that will net the port a record present value savings of US$32.5 million, an average of US$1.9 million annually through 2040.

The process underwent an independent review to ensure the transaction conforms to international social and sustainability principles. Sustainalytics, a global leader in sustainability research and analysis, performed the third-party evaluation.

It validated the integrity of the port’s green bonds for three projects completed in recent years. These projects include the Wilmington Waterfront Park – a 30-acre green space with walkways, bike paths and a children’s playground that also serves to buffer the community from port traffic.

Other projects include the POLA police headquarters, the structure of which has environmental and energy-efficient features which has earned the port gold-level certification from the US Green Building Council’s Leadership in Energy and Environmental Design (LEED).