HB 932: RELATING TO GREEN BONDS.
- Session Year: 2025-2026
- House: House
- Latest Version Date: 2025-02-05
Current Status:
Failed
(2025-12-08: Carried over to 2026 Regular Session.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
Establishes a Green Bonds Working Group within the Department of Business, Economic Development, and Tourism. Effective 07/01/3000. (HD1)
Establishes a Green Bonds Working Group within the Department of Business, Economic Development, and Tourism.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
932 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO GREEN BONDS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that climate change is an urgent matter of public concern. In 2021, Hawaii became the first State to declare a climate emergency. 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.
The legislature further finds that mitigating and adapting to climate change will require additional public resources. 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.
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.
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. 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. 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.
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.
SECTION 2. (a) There is established a green bonds working group within the department of business, economic development, and tourism for administrative purposes.
(b) The working group shall:
(1) Develop recommendations for a green bonds financing program that assists in financing projects related to climate change mitigation and adaptation, environmental conservation, and sustainability;
(2) 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;
(3) Determine the types of projects and programs that may qualify for funding through a green bonds financing program, including eligibility criteria for receiving funding;
(4) 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;
(5) Perform an analysis of the International Capital Market Association's "Green Bonds Principles: Voluntary Process Guidelines for Issuing Green Bonds" as it relates to the possible establishment of a green bonds financing program for Hawaii; and
(6) Estimate the cost of creating a green bonds financing program facilitated by the State.
(c) The working group shall consist of the following members, or their respective designees:
(1) The director of business, economic development, and tourism, who shall serve as chairperson of the working group;
(2) The director of finance;
(3) The chairperson of the board of land and natural resources;
(4) The executive director of the Hawaii green infrastructure authority;
(5) The director of the office of planning and sustainable development;
(6) A member from the senate, to be appointed by the president of the senate; and
(7) A member from the house of representatives, to be appointed by the speaker of the house of representatives.
(d) The chairperson of the working group shall invite the following individuals to participate as members of the working group:
(1) A representative from a nonprofit, public interest organization specializing in environmental conservation;
(2) A representative from a nonprofit, public interest organization specializing in climate change mitigation and adaptation; and
(3) Other interested parties with experience that the chairperson deems relevant to the purposes of the working group.
(e) 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.
(f) 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.
(g) The working group shall cease to exist on June 30, 2026.
SECTION 3. This Act shall take effect on July 1, 3000.
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. Effective 07/01/3000. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
932 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to green bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that climate change is an urgent matter of public concern. In 2021, Hawaii became the first State to declare a climate emergency. 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.
The legislature further finds that mitigating and adapting to climate change will require additional public resources. 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.
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.
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. 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. 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.
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.
SECTION 2. (a) There is established a green bonds working group within the department of business, economic development, and tourism for administrative purposes.
(b) The working group shall:
(1) Develop recommendations for a green bonds financing program that assists in financing projects related to climate change mitigation and adaptation, environmental conservation, and sustainability;
(2) 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;
(3) Determine the types of projects and programs that may qualify for funding through a green bonds financing program, including eligibility criteria for receiving funding;
(4) 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;
(5) Perform an analysis of the International Capital Market Association's "Green Bonds Principles: Voluntary Process Guidelines for Issuing Green Bonds" as it relates to the possible establishment of a green bonds financing program for Hawaii; and
(6) Estimate the cost of creating a green bonds financing program facilitated by the State.
(c) The working group shall consist of the following members, or their respective designees:
(1) The director of business, economic development, and tourism, who shall serve as chairperson of the working group;
(2) The director of finance;
(3) The chairperson of the board of land and natural resources;
(4) The executive director of the Hawaii green infrastructure authority;
(5) The director of the office of planning and sustainable development;
(6) A member from the senate, to be appointed by the president of the senate; and
(7) A member from the house of representatives, to be appointed by the speaker of the house of representatives.
(d) The chairperson of the working group shall invite the following individuals to participate as members of the working group:
(1) A representative from a nonprofit, public interest organization specializing in environmental conservation;
(2) A representative from a nonprofit, public interest organization specializing in climate change mitigation and adaptation; and
(3) Other interested parties with experience that the chairperson deems relevant to the purposes of the working group.
(e) 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.
(f) 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.
(g) The working group shall cease to exist on June 30, 2026.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
_____________________________ |
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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.
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Date
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Status
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| Dec 8, 2025 | Carried over to 2026 Regular Session. |
| Feb 6, 2025 | Passed Second Reading as amended in HD 1 and referred to the committee(s) on ECD with none voting aye with reservations; Representative(s) Garcia, Muraoka, Pierick voting no (3) and Representative(s) Ward excused (1). |
| Feb 6, 2025 | Reported from EEP (Stand. Com. Rep. No. 225) as amended in HD 1, recommending passage on Second Reading and referral to ECD. |
| Feb 4, 2025 | The committee on EEP recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 5 Ayes: Representative(s) Lowen, Perruso, Kahaloa, Kusch, Quinlan; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Ward. |
| Jan 28, 2025 | Bill scheduled to be heard by EEP on Tuesday, 02-04-25 9:00AM in House conference room 325 VIA VIDEOCONFERENCE. |
| Jan 23, 2025 | Referred to EEP, ECD, FIN, referral sheet 3 |
| Jan 23, 2025 | Introduced and Pass First Reading. |
| Jan 21, 2025 | Pending introduction. |
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Date
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Description
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Location
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Votes
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| Feb 4, 2025 | The committee on EEP recommend that the measure be PASSED, WITH AMENDMENTS | House Standing Committee on Energy & Environmental Protection |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
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Organization
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Position
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Date
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| Climate Protectors Hawaiʻi | ** Support | |
| Coalition Earth | ** Support | |
| Hawaii Food+ Policy | ** Support | |
| Hawaii Green Infrastructure Authority | ** Support | |
| Hawaiʻi Reef and Ocean Coalition | ** Support | |
| Office of Planning and Sustainable Development | ** Support |
STAND. COM. REP. NO. 225
Honolulu, Hawaii
, 2025
RE: H.B. No. 932
H.D. 1
Honorable Nadine K. Nakamura
Speaker, House of Representatives
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Madame:
Your Committee on Energy & Environmental Protection, to which was referred H.B. No. 932 entitled:
"A BILL FOR AN ACT RELATING TO GREEN BONDS,"
begs leave to report as follows:
Your Committee received testimony in support of this measure from the Hawaii Green Infrastructure Authority; Office of Planning and Sustainable Development; Climate Protectors Hawaiʻi; Hawaiʻi Reef and Ocean Coalition; Hawaii Food+ Policy; and Coalition Earth. Your Committee received testimony in opposition to this measure from one individual.
Your Committee finds that green bonds are specifically aimed at funding projects that have positive environmental impacts and include investments in renewable energy, energy efficiency, clean transportation, sustainable agriculture, and green infrastructure. This measure helps evaluate the potential for the establishment of a green bonds financing program for the State by establishing a Green Bonds Working Group.
Your Committee amended this measure by:
(1) Changing the effective date to July 1, 3000, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Energy & Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 932, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 932, H.D. 1, and be referred to your Committee on Economic Development & Technology.
Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,
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____________________________ NICOLE E. LOWEN, Chair |
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Date
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Testimony PDF
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| Feb 4, 2025 | HB932_TESTIMONY_EEP_02-04-25_.PDF |
Bill Author
