The District of Columbia Water and Sewer Authority (DC Water), one of the largest water and wastewater utilities in the US, has been recognised for Green bond of the year – US muni bond.

At just over $160 million, the offering brings DC Water's cumulative green bond issuance to $1 billion since it issued the first US municipal green bond with a second-party opinion in 2014. Based on independent benchmarking with Kestrel Sustainability Intelligence™, it received a Kestrel Sustainability Score of 4.88/5.00, placing it in the top 1% of all evaluated bonds in wastewater and stormwater sectors.

The proceeds will finance and refinance the DC Clean Rivers Project. This project, which conforms to the Green Bond Principles in the Sustainable Wastewater Management project category, aims to safeguard public and environmental health by constructing tunnels, diversion structures, sewer separation and green infrastructure to reduce combined sewer overflows, improve climate resilience and improve water quality.

This infrastructure initiative is designed to remove over 1 million pounds of nitrogen annually from the Chesapeake Bay, the largest estuary in the US and includes a 20% "climate change buffer" to allow for increased frequency and intensity of storms.