Case study 
Kaohsiung’s green bond program illustrates how debt management can support sustainability objectives. Its initial issuance refinanced existing borrowing for the Mass Rapid Transit (MRT) Red and Orange lines at lower cost, creating interest savings that could support further environmental investment. By May 2026, the City Government had issued a cumulative NT$12.1 billion in green bonds. The refinancing approach draws attention to opportunities within existing municipal investments and borrowing arrangements. For cities with eligible assets and access to capital markets, it offers a way to connect debt management with environmental priorities and reduce the cost of financing sustainable infrastructure.
This publication is part of the Kaohsiung-ICLEI Climate Neutral and Smart City Case Study Series, highlighting innovation in the City of Kaohsiung.
