Canada to issue inaugural green bond 

News release

March 21, 2022 - Ottawa, Ontario - Department of Finance Canada

The Government of Canada is announcing its plan to issue its inaugural Canadian-dollar-denominated green bond this week, subject to market conditions. This follows the release of Canada’s Green Bond Framework on March 3, 2022.

The inaugural green bond—the first of many such issuances—will create new financing opportunities that will speed up projects ranging from green infrastructure to nature conservancy, while also growing Canada’s economy and creating new, good-paying jobs across the country.

A healthy environment and a healthy economy go hand in hand – and sustainable finance plays a key role in accelerating the transition to a cleaner, greener economy. Mobilizing capital will be crucial to Canada meeting both its 2030 emissions reduction target and its goal of achieving net-zero emissions by 2050.

Government of Canada green bonds will meet the demand of investors seeking green investment opportunities that benefit from Canada’s triple-A credit rating from most major credit rating agencies, while contributing to the development of a stronger sustainable finance market in Canada.

Quick facts

  • Budget 2021 announced that the federal government would publish a green bond framework in advance of issuing its first green bond in 2021-22, with a targeted inaugural issuance of $5 billion.

  • The government worked with structuring advisors, TD Securities and HSBC, to design a green bond framework that will support government programs with unambiguous environmental benefits.

  • Canada’s Green Bond Framework is aligned with the green bond frameworks of all other sovereign issuers, including France, Germany, Sweden, Spain, Italy, and the U.K, that have been widely accepted by green bond investors and market indices. 

  • The Green Bond Framework defines eligibility criteria and provides example expenditures aligned with the International Capital Market Association’s Green Bond Principles in the following nine areas:

    • Clean Transportation;
    • Living Natural Resources & Land Use;
    • Energy Efficiency;
    • Terrestrial & Aquatic Biodiversity;
    • Renewable Energy;
    • Climate Change Adaptation;
    • Sustainable Water & Wastewater Management;
    • Circular Economy Adapted Products, Production, Technologies and Processes; and
    • Pollution Prevention & Control.
  • 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.

Associated links


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Media Relations
Department of Finance Canada

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

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