Ontario’s third green bond has raised $800 million to help build clean transportation and environmentally friendly infrastructure projects, indicates a recent government announcement.
Proceeds from the bond will support 12 projects, including St. Joseph’s Healthcare in Hamilton, targeted to achieve LEED Gold certification; the ErinoakKids Centre for Treatment and Development in Brampton, Mississauga and Oakville, expected to achieve LEED Silver certification; the York VivaNEXT Bus Rapid Transit Expansion in York Region; and GO Transit Regional Express Rail in the Greater Toronto and Hamilton Area.
Green bonds help Ontario’s efforts to fight climate change and build on initiatives such as setting a cap on pollution, ending coal-fired electricity generation and electrifying and improving the province’s commuter rail network, the release explains.
“Ontario green bonds are a smart and innovative tool to build a greener, more competitive province,” said Ontario’s Minister of Finance Charles Sousa in a statement. “The proceeds help fund environmentally and socially responsible infrastructure projects that reduce our carbon footprint, grow our economy, improve our quality of life and pave the way to a sustainable future for all Ontarians.”
Pioneered by the World Bank in 2008, green bonds raise capital for projects with specific environmental benefits. In 2014, Ontario became the first province in Canada to develop and sell green bonds, encouraging investment in environmentally friendly projects and attracting new investors. Ontario is the largest issuer of Canadian dollar green bonds, with three outstanding green issues totalling $2.05 billion, adds the release.