Bonds and Climate Change 2014

This is the third annual update of the Bonds and Climate Change report and its Canadian supplement. Since the first report in 2012, the climate bonds landscape in both Canada and the world has changed dramatically.
Three years ago, bonds labelled as ‘green’ or ‘climate’ were a niche market pioneered by a handful of multilateral development banks such as the World Bank and IFC. This has now changed with the issuance of bonds labelled as ‘green’ or ‘climate’ growing rapidly in the past year in Canada and worldwide.
In the 2014 Canadian report, we find that:

  • Breakthrough year for green/climate bonds, both globally and in Canada
  • Canadian companies account for C$28bn - 5% of the total climate-themed bonds universe
  • Three major Canadian issuers join the growing labelled Green Bonds Universe
  • Province of Ontario issues C$500 million green bond, with plans for regular program
  • 92% of Canadian issuance is investment grade

This report is a companion piece to the 2014 Bonds and Climate Change - The State of the Market report, prepared by the Climate Bonds Initiative.
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About the Project

The goal of this project is to shed light on the relationship between economic activity and the environment by exploring the linkages between changes in our natural capital and our measures of productivity generally, and through the construction of an environmentally adjusted measure of productivity specifically.

While it is now commonly accepted that economic activity and the state of our environment are linked, many economic measures still fail to incorporate the environment – both the things we draw from it and the pollution we release into it. By developing and calculating measures of productivity that include natural capital, Canada may be able to better understand these linkages. This, in turn, may lead to the identification of strategies that can help Canada become more efficient and innovative in the use and protection of natural capital, and thus more productive and more prosperous.

Using the forestry sector as a case study, this project aims to construct an environmentally adjusted measure of multifactor productivity. In doing so, we aim to add another layer of understanding to the environmental and economic performance of this sector. The proposed measure will have relevance to the Canadian economy as a whole.