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PG&E's 'Sustainability Bond' Transaction to Support Investments in Grid Resilience and Carbon ReductionBond Issuance is PG&E's First Under New Sustainable Finance Framework Focused on Green and Social Projects OAKLAND, Calif., March 31, 2023 /PRNewswire/ -- In support of its commitment to healing the planet and keeping costs as low as possible for customers, Pacific Gas and Electric Company (the Utility and together with PG&E Corporation, PG&E) recently finalized a $750 million sustainability bond issuance. An amount equal to net proceeds of the bonds will finance or refinance projects designed to support PG&E's carbon reduction and sustainability goals. The bonds were designated as sustainability bonds consistent with PG&E's recently published Sustainable Finance Framework, which was reviewed by S&P Global Ratings. Sustainability bonds are a designation for capital raises to finance investments with intended environmental and social benefits. The sustainability bond offering follows two green bond offerings in November 2021 and November 2022 by PG&E Recovery Funding LLC and sponsored by PG&E, and is the first under PG&E's recently published Sustainable Finance Framework. "As recent powerful storms have once again made clear, California is on the front line of the climate crisis. These sustainability bonds will help build climate resilience into our electric system to make it safer and enable further carbon reductions as we work to deliver a greater proportion of renewably generated power to our customers while also helping to keep bills affordable," said Carolyn Burke, PG&E Corporation Executive Vice President, Finance. PG&E Sustainable Finance Framework PG&E releaed its new Sustainable Finance Framework earlier this month, under which PG&E and its subsidiaries may issue Sustainable Finance Instruments including green and sustainability bonds. Eligible green and social project categories under the Framework include climate change adaptation, renewable energy, clean transportation, energy efficiency, pollution prevention and control, and socioeconomic advancement and empowerment. In its analysis of the Framework, S&P Global Ratings noted: "each of the eligible projects will contribute to beneficial environmental or social outcomes …and clearly align with [PG&E's] enterprise-wide sustainability strategy of achieving carbon-neutral emissions, maintaining the affordability and safety of its services for customers, and empowering local communities." The Framework is intended to inform investors of how financings support PG&E's sustainability strategy. PG&E released its Climate Strategy Report last year, outlining its breakthrough commitments to reduce carbon emissions, help reverse the impacts of climate change and begin to heal the planet. These commitments include becoming "climate positive" by 2050—going beyond net zero emissions and actively reducing and removing more greenhouse gases from the environment than it emits. About PG&E Forward-Looking Statements
SOURCE Pacific Gas and Electric Company ![]() |