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The Government of Canada announced that it has completed the issuance of a C$4 billion […]]
Canada Issues $4 Billion Green Bond – ESG Today
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Government/ Sustainable Finance
Canada Issues $4 Billion Green Bond
Mark Segal
March 5, 2024
The Government of Canada announced that it has completed the issuance of a C$4 billion green bond, the country’s second, and the first by a sovereign issuer to include nuclear energy expenditures as an eligible use for proceeds.
The new offering follows the release late last year by the government of its updated Green Bond Framework, which added some nuclear energy expenditures in the list of eligible investment areas. The classification of nuclear energy as a sustainable activity has proved controversial in some jurisdictions, with some member states in Europe, for example, opposing its inclusion in the EU’s sustainable finance taxonomy. Despite the opposition, however, nuclear energy activities succeeded in being included in the EU Taxonomy, and is poised to be included in the UK’s taxonomy as well.
Canada issued its inaugural green bond in 2022, raising C$5 billion to help finance the country’s investments in green infrastructure and other climate and environmental protection-related projects. In its most recent green bond allocation report, the government reported that more than a third of the proceeds were directed towards investments in clean transportation, including projects supporting the adoption of zero-emission vehicles (ZEVs) and ZEV infrastructure deployment. Other top allocation categories included “Living Natural Resources and Land Use,” with funding to support sustainable farming practices and to encourage the development of innovative technologies that will reduce GHG emissions in the agricultural sector, and “Renewable Energy.”
The new offering was nearly 2x oversubscribed, with a final order book above $7.4 billion, with environmentally and socially responsible investors representing around two thirds of buyers, and institutional investors accounting for over 33% of the investor base.
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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