Canada issues second green bond

News release

February 28, 2024 - Ottawa, Ontario - Department of Finance Canada

This week, the Government of Canada successfully issued its second green bond. This 10-year, $4 billion green bond fulfills the government’s commitment in the 2023 Fall Economic Statement to issue a $4 billion green bond in the 2023-24 fiscal year.

This issuance is the first under Canada’s updated Green Bond Framework, which was released on November 21, 2023, and made certain nuclear energy expenditures eligible for green bond proceeds. Canada is the first sovereign borrower to issue a green bond including certain nuclear expenditures, demonstrating Canada’s commitment to being a global nuclear leader.

Canada’s second green bond offering saw robust demand from environmentally and socially responsible investors who represented a majority of buyers (66 per cent), as well as from international investors, who made up over 33 per cent of the investor base. The final order book stood at over $7.4 billion.

Government of Canada green bond issuances support Canada’s sustainable finance market by providing a sovereign benchmark for the rest of the market, and high-quality environmental, social, and governance (ESG) assets for investors, backed by Canada’s AAA credit rating. Green bonds unlock private financing to speed up projects such as green infrastructure and nature conservation. Green bond projects will grow Canada’s economy and create more good-paying jobs across the country.

Quick facts

  • The strong investor appetite for this issuance reflects Canada’s strong economic and fiscal management and AAA credit rating.

  • On November 21, 2023 the Government of Canada released an updated Green Bond Framework that includes certain nuclear energy expenditures.

    • Activities selected as eligible expenditures under Canada’s Green Bond Framework are based on best practices followed by other sovereign green bond issuers. Canada is closely monitoring the international green bond market and similar frameworks being implemented by other countries and jurisdictions.
    • Sustainalytics, an independent environmental, social, and governance (ESG) research firm, again concluded that Canada’s Green Bond Framework is a credible and transparent plan to deliver positive environmental benefits.
  • Canada will release allocation and impact reports for investors and interested parties following each green bond issuance on an annual basis until full allocation of the net proceeds is achieved. 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


Search for related information by keyword: Finance | Department of Finance Canada | Canada | Money and finances | general public | news releases

Page details

Date modified: