Canada’s Green Bond Program

As announced in Budget 2021, Canada intends to issue green bonds to mobilize capital in support of its climate and environmental objectives.

The government recognizes that sustainable finance plays a key role in accelerating the transition to a cleaner, greener economy. Mobilizing capital is a crucial part of Canada’s work to meet its 2030 emissions reduction target and to achieve net-zero emissions by 2050.

Government of Canada green bonds will meet the demand of investors who are looking for green investment opportunities with a triple-A credit rating and will contribute to the development of a stronger Canadian sustainable finance market.  

Green Bond Framework

On March 3, 2022, the Department of Finance Canada released Canada’s Green Bond Framework. The Framework aligns with Canada’s climate and environmental priorities and identifies those expenditures that are eligible for allocation to a green bond, including:

Canada’s Green Bond Framework has been independently reviewed by Sustainalytics, which confirmed that the Framework is aligned with the International Capital Markets Association Green Bond Principles. 

Reporting on Canada’s Green Bond Program

Canada will release allocation and impact reports for investors and interested parties for each green bond issuance. These allocation reports detail the green eligible expenditures funded with the proceeds of each bond, while impact reports outline the environmental benefits of the expenditures and, where data is available, related social impacts.

Related Pages

This document (PDF) was prepared by Sustainalytics - an organization outside of the Government of Canada.

Second-Party Opinion by Sustainalytics [PDF - 437 KB]

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