Canada issues inaugural green bond

News release

March 23, 2022 - Ottawa, Ontario - Department of Finance Canada

This week, the Government of Canada successfully issued its inaugural 7.5-year, $5 billion green bond. This transaction fulfills the government’s commitment to issue a $5 billion green bond within the fiscal year.

A healthy environment and a healthy economy go hand in hand. This green bond will play an important role in financing the Government of Canada’s historic investments in green infrastructure and other projects that will help fight climate change and protect the environment, while also growing Canada’s economy and creating new, good-paying jobs across the country.

Canada’s inaugural green bond offering saw robust demand from environmentally and socially responsible investors who represented a majority of buyers (72 per cent), as well as from international investors, who made up over 45 per cent of the investor base. The final order book of over $11 billion set a record high for a Canadian dollar green bond offering.

With investors increasingly seeking green investment opportunities backed by triple-A credit ratings–as evident by the final order book of over $11 billion–Canada’s successful $5 billion inaugural green bond issuance will help meet that global demand. 


“The global economy is turning swiftly, decisively, and irreversibly green. It is essential for the prosperity of the next generation of Canadians–and indeed, for those of us working today–for Canada to be at the forefront of this great transformation, and sustainable finance is central to this objective. The strong demand for this inaugural green bond issuance–the first of many issuances to come–is a sign of Canada’s future as a sustainable finance leader. As we continue our government’s record investments in climate action, leveraging private investment will help us meet Canada’s 2030 emissions reduction target and achieve net-zero emissions by 2050.”

– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Today’s successful green bond issuance is the first of many and will support government investments in green infrastructure, renewable energy, nature conservation and other environmental initiatives. This and the ones to come will broaden the market for highly rated green investment opportunities and strengthen sustainable finance in Canada, which in turn will help finance projects to fight climate change and protect the environment.”

– The Honourable Randy Boissonnault, Minister of Tourism and Associate Minister of Finance

“Canada’s green bonds are a major step in our plan to grow the sustainable finance market in Canada. Green bonds allow investors to take advantage of the many emerging green market opportunities by adding climate-friendly products to their portfolios. Expanding private sector investments through a sustainable finance market in Canada is key to achieving a cleaner, net-zero economy.”

– The Honourable Steven Guilbeault, Minister of Environment and Climate Change

Quick facts

  • The deal reflects Canada’s strong economic and fiscal management, and the country’s triple-A credit rating from most major credit rating agencies.

  • This inaugural green bond will be the first of many green bond issuances to come. 

  • On March 3, 2022, Canada published its Green Bond Framework.

    • Sustainalytics, an independent environmental, social and governance (ESG) research group, concluded that Canada’s Green Bond Framework is a credible and transparent plan to deliver positive environmental benefits.
    • Activities selected for inclusion under Canada’s Green Bond Framework are based on best international practices followed by other sovereign green bond issuers in the G7. Canada will continue to monitor the international green bond market and similar frameworks being implemented by other countries or jurisdictions.
  • Canada will release allocation and impact reports for investors and interested parties for each green bond issuance. These allocation reports will detail the green eligible expenditures funded with the proceeds of each bond, while impact reports outline the environmental benefits of the expenditures and related social impacts where data is available.

Associated links


Media may contact:

Media Relations
Department of Finance Canada

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230

Stay connected

Twitter: @financecanada


Page details

Date modified: