Ceres has released a guide setting out best practices for state and local governments to integrate climate resilience planning with climate risk disclosure in the municipal bond market, aiming to help public sector issuers provide investors with clearer information on climate-related risks and response plans. The report, “Leading with Transparency: A Guide to Strengthening Climate Disclosure and Resilience in the Municipal Bond Market,” recommends a layered approach covering financial statements, bond issuance documents, standalone climate action reporting, and climate resilience planning. It highlights examples from Miami-Dade County Water, the City of Boston, Seattle City Light, DC Water and the City of New Orleans, including use of the Task Force on Climate-related Financial Disclosures framework, and situates the guidance against recent climate-related municipal bond defaults and credit downgrades as well as forecasts that adaptation projects could drive a doubling of municipal debt issuance over the next decade.
Ceres 2025-04-08
US Ceres publishes climate disclosure and resilience planning guidance for municipal bond issuers
Ceres has issued a guide for state and local governments to integrate climate resilience planning with climate risk disclosure in the municipal bond market. The guide, "Leading with Transparency," recommends using financial statements, bond issuance documents, and climate action reporting, based on the Task Force on Climate-related Financial Disclosures framework. It addresses recent climate-related municipal bond defaults and forecasts a potential doubling of municipal debt issuance due to adaptation projects.