Bonds & Climate Change: The State of the Market 2015

In July 2015, Climate Bonds Initiative launched the fourth annual edition of the Bonds and Climate Change: State of the Market in 2015. The report estimates $597.7bn climate-aligned bonds are outstanding in the market as of 10th June 2015. What was once a niche market has now grown in size and sophistication.

This is also the fourth annual update of the Bonds and Climate Change Canada report, which draws in part on the global edition. In common with international trends the climate bonds landscape in Canada has also changed.

In the 2015 Canadian report, we find that:
• Canadian issuers account for C$29.3bn outstanding climate-aligned bonds, of which C$1.3bn represents labelled green bonds
• Canadian green bonds have been issued by Export Development Canada (EDC), the Government of Ontario and Toronto Dominion (TD) Bank
• Since the launch of the global report in July 2015, Telus and Westbank partnered to issue a green property bond (C$225m) and Export Development Canada (EDC) issued its second green bond US$300m (C$225m)
• Newly elected Liberal federal government included green bonds in its election platform. We expect federal government leadership to lead to an upsurge in Canadian green bonds activity

This report is a companion piece to the Bonds and Climate Change: State of the Market in 2015 report prepared by the Climate Bonds Initiative.

Related Materials:

  • Blog: Green Bonds in Canada: 2014, 2015 and beyond
  • Read the Global Report: Bonds and Climate Change: State of the Market in 2015
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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.