<div id="readability-page-1"><div>New Resilience Taxonomy Brings Clarity to Climate Risk in the $4.3 Trillion Municipal Bond Market As U.S. cities face increased exposure to climate-driven physical risks, Kestrel, the leader in Sustainability Intelligence™, today released its Resilience Taxonomy for U.S. Infrastructure. (https://kestrelesg.com/wp-content/uploads/2026/01/Kestrel-Resilience-Taxonomy-for-US-Infrastructure.pdf) This framework provides the first standardized &#34;best practices&#34; for benchmarking resilience in the $4.3 trillion municipal bond market. A Confluence of Risk and Opportunity The release comes at a critical economic juncture defined by three intersecting trends. First, U.S. infrastructure faces climate-driven physical risks that threaten asset valuations. Second, municipal bond issuance to finance infrastructure is projected to reach record levels in 2026, with roughly $600 billion in new bonds. Finally, research from the World Resources Institute indicates every $1 invested in climate resilience can yield up to $10 in economic benefits. Kestrel’s taxonomy provides essential information to navigate this high-stakes environment, ensuring capital is directed toward infrastructure designed for long-term resilience. Bridging the &#34;Resilience Transparency&#34; Gap Kestrel’s new taxonomy reflects insights from benchmarking over 15,000 series of municipal bonds representing over $3 trillion in par amount. The taxonomy is designed to help investors identify issuers taking proactive steps to protect capital by identifying where resilience strategies are integrated into long-term planning. This is especially relevant for holders of broad-market instruments such as the State Street® Nuveen Municipal Bond ESG ETF (MBNE), where granular insights into resilience are increasingly central to evaluating and protecting asset valuations. &#34;As the market's expectations for resilience sharpen, we aim to lead with clarity,&#34; said Monica Reid, CEO of Kestrel. &#34;Resilience protects financial performance by reducing costly disruptions and strengthens overall market stability. It is fiscally responsible, non-partisan, and central to long-term value creation.&#34; Key Highlights from the Taxonomy: <ul> <li> Material Resilience Indicators: Pinpoints specific features such as vehicle-to-grid charging for K-12 schools, undergrounding power lines for electric utilities, and flood elevation design that are increasingly relevant to an asset’s long-term credit profile. </li> <li> Standardized Data Architecture: Kestrel Sustainability Intelligence™replaces fragmented issuer disclosures with a systematic, decision-ready dataset, allowing market participants to seamlessly identify bonds that meet sustainability and resilience criteria and align with global standards. </li> </ul> About: Kestrel is a leading provider of external reviews and ESG research for the U.S. municipal bond market, helping market participants evaluate sustainability and resilience of public finance projects. <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjAxMDUwMTM4MjNyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjAxMDUwMTM4MjNyMQ"/> Media Contact: Monica Reid, CEO monica.reid@kestrelesg.com +1 541-399-6806 View source version on businesswire.com: https://www.businesswire.com/news/home/20260105013823/en/</div></div>

Kestrel 推出了一項針對美國基礎設施的韌性分類法，旨在應對 4.3 萬億美元市政債券市場中的氣候風險。該框架建立了評估韌性的標準化最佳實踐，這在市政債券發行預計到 2026 年將達到 6000 億美元的背景下尤為重要。該分類法幫助投資者識別積極的發行人，並將韌性策略納入長期規劃，從而提升資產估值。其主要特點包括重要的韌性指標和標準化的數據架構，以簡化債券在可持續性標準下的評估。Kestrel 強調，韌性對財務表現和市場穩定至關重要

新的韌性分類法為 4.3 萬億美元市政債券市場中的氣候風險帶來了更清晰的認識