The New York Metropolitan Transportation Authority (MTA) said this week that it is offering “Green Bonds” to the public next Wednesday and Thursday in an effort to help the environment.
The bonds are part of the Climate Bonds Initiative, an international not-for-profit organization that helps fund projects globally that are designed to decrease the effects of climate change.
“Eight-and-a-half million people travel on MTA trains and buses every day,” MTA Chairman and CEO Thomas Prendergast said. “By leaving their cars at home and embracing mass transit, New Yorkers play a dramatic role in reducing carbon emissions. These bonds recognize the ways in which mass transit and commuters work together to keep carbon out of the atmosphere, and that makes them the perfect choice for people who want to invest in the renewal and modernization of the greatest transportation system in the world, while at the same time helping New York to be greener and healthier.”
The proceeds from the bonds, expected to be approximately $500 million, will be used to finance ongoing infrastructure upgrades and renewal projects throughout the Long Island Rail Road, New York City Transit and Metro-North Railroad systems. These projects are part of the 2010-2014 Capital Program.