Proceeds from Ontario Green Bond to Help Fight Climate Change
Province Raises $1 Billion for Eco-Friendly Infrastructure Projects
Ontario has successfully issued the largest green bond in Canadian history, raising $1 billion for infrastructure projects in communities across the province that will help reduce greenhouse gas emissions and fight climate change.
Proceeds from the bond will support seven projects:
- Eglinton Crosstown Light Rail Transit (LRT) in Toronto: $407 million
- GO Transit Whitby Rail Maintenance Facility: $300 million
- York Viva Bus Rapid Transit in York Region: $80 million
- Hurontario LRT in Mississauga and Brampton: $10 million
- Joseph Brant Hospital Redevelopment Project Phase 1 in Burlington: $145 million
- Seneca College King Campus Expansion in King City: $50 million
- Finch West LRT in Toronto: $4 million.
These projects will improve the quality of life for people across the province while supporting the objectives of Ontario's Climate Change Action Plan, and help Ontario meet its target to reduce greenhouse gas pollution by 15 per cent below 1990 levels by 2020, 37 per cent by 2030 and 80 per cent by 2050.
Building eco-friendly infrastructure is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
- In 2014, Ontario became the first province in Canada to develop and sell green bonds, encouraging investment in environmentally friendly projects and attracting new investors.
- On January 25, 2018, Ontario successfully priced a $1-billion bond with a maturity date of February 5, 2025.
- Ontario is the largest issuer of Canadian dollar green bonds with four outstanding green issues totalling $3.05 billion.
- Ontario’s Green Bond program supports the largest infrastructure investment in hospitals, schools, public transit, roads and bridges in the province's history. To learn more about what's happening in your community, go to Ontario.ca/BuildON.
“Ontario is proud to be a leader in environmental sustainability, as the first province in Canada to develop and issue Green Bonds. Promoting the largest Canadian green bond in the marketplace will raise $1 billion to fund and create more jobs, spur economic growth and combat climate change.”
“The proceeds from green bonds are helping Ontario expand people’s transportation choices, manage congestion, and build a modern, sustainable transportation network to ensure our province continues to grow and to prosper now and in the future.”