City of Toronto issues 5th green bond to fund climate action projects

Ontario Construction News staff writer

The City of Toronto has issued a $300 million “green bond” to help finance capital climate action projects. It’s 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 city’s debenture programs is available on the investor relations webpage.

“We continue our leadership in sustainable economics – it is simply the right thing to do and the smart thing to do with the public dollars that we are spending,” said Mayor John Tory. “The successful green bond program offers sound investment opportunities while funding our sustained climate action.”

“Our green bonds are so strong that we continue to attract investors in an increasingly volatile market. This month’s issue was well received, demonstrating investor confidence in both Toronto’s economy and the city’s responsible fiscal management throughout this pandemic,” said Coun. Gary Crawford, budget committee chair.


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