Ontario Construction News staff writer
The City of Toronto has issued a $300 million โgreen bondโ to help finance capital climate action projects. Itโs the fifth debenture issued this year.
This green bond issue will help fund approved TTC and waterfront revitalization capital projects to address climate change. Projects will include cycling infrastructure, subway and streetcar electric rail infrastructure and Port Lands flood protection.
This issuance has a total of 34 investors from Canada and the United States and was more than 2.1 times oversubscribed.
Toronto has one of the largest municipal borrowing programs in Canada.
More information about the cityโs debenture programs is available on the investor relations webpage.
โWe continue our leadership in sustainable economics โ it is simply the right thing to do and the smart thing to do with the public dollars that we are spending,โ said Mayor John Tory. โThe successful green bond program offers sound investment opportunities while funding our sustained climate action.โ
โOur green bonds are so strong that we continue to attract investors in an increasingly volatile market. This monthโs issue was well received, demonstrating investor confidence in both Torontoโs economy and the cityโs responsible fiscal management throughout this pandemic,โ said Coun. Gary Crawford, budget committee chair.