Canada: Ontario raises $1 billion for eco-friendly infrastructure projects to help fight climate change
Ottawa, Feb 18 (IBNS): Ontario has successfully issued the largest green bond in Canadian history by raising $1 billion for infrastructure projects in communities, hospitals, schools, public transit, roads and bridges across the province that will help reduce greenhouse gas emissions and fight climate change, media reports said.
“Ontario is proud to be a leader in environmental sustainability, as the first province in Canada to develop and issue Green Bonds. Promoting the largest Canadian green bond in the marketplace will raise $1 billion to fund and create more jobs, spur economic growth and combat climate change,” Charles Sousa, Ontario Minister of Finance was reported to state.
Proceeds from the bond will reportedly support seven projects: Eglinton Crosstown Light Rail Transit (LRT) in Toronto; GO Transit Whitby Rail Maintenance Facility; York Viva Bus Rapid Transit in York Region; Hurontario LRT in Mississauga and Brampton; Joseph Brant Hospital Redevelopment Project Phase 1 in Burlington; Seneca College King Campus Expansion in King City and Finch West LRT in Toronto.
“The proceeds from green bonds are helping Ontario expand people’s transportation choices, manage congestion, and build a modern, sustainable transportation network to ensure our province continues to grow and to prosper now and in the future,” Kathryn McGarry, Ontario Minister of Transportation was reported to state.
The quality of life for people of Ontario would reportedly be improved while also supporting the objectives of Ontario's Climate Change Action Plan, and help Ontario meet its target to reduce greenhouse gas pollution.
(Reporting by Asha Bajaj)
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