Ontario is putting forward a new way to fund transit projects across the province.
Premier Kathleen Wynne announced today that the government plans on creating green bonds to finance environmentally friendly infrastructure projects across Ontario. The new bonds would capitalize on the province's ability to raise funds at low interest rates, and serve as a tool for the government to address critical infrastructure needs, create jobs and strengthen the economy. Ontario's green bonds would meet international certification and disclosure standards, which would enable them to be officially recognized as investments in sustainability.
In the coming months, the government will consult with investors in Canada and around the world on how to structure the green bonds to best meet the needs of both investors and the province. The province plans to issue green bonds next year, subject to the passage of legislation and the receipt of certification.
Making investments in infrastructure is one of the three pillars of the Ontario government's economic plan. Through the other two pillars, the government is also investing in people and supporting an innovative and dynamic business climate.