This May, San Francisco Public Utilities Commission (SFPUC) became the first issuer of a green bond certified under the Water Climate Bonds Standard. The Climate Bonds Standard lays out criteria for bonds labeled “green” and designated for funding water-related, low carbon initiatives. Proceeds from the $240 million Wastewater Revenue Bond will support sustainable stormwater management and wastewater projects included in SFPUC’s Sewer System Improvement Program (SSIP) Phase1. More on the bonds here. These groundbreaking bonds, along with SFPUC’s new fee-in-lieu program, help provide valuable precedents. This framework outlines questions to ask when developing fee-in-lieu programs.