In 2024, the Government of Canada issued and subsequently re-opened its second Canadian-dollar-denominated green bond, raising a total of $6 billion through two 10-year tranches. The initial $4 billion issuance in February fulfilled a commitment from the 2023 Fall Economic Statement, while the $2 billion re-opening in October advanced the government’s plan for regular green bond activity outlined in Budget 2024. Both offerings were conducted under Canada’s updated Green Bond Framework, released in November 2023, which now includes certain nuclear energy expenditures—making Canada the first sovereign to do so. This reflects Canada’s stance that nuclear power is a vital clean technology on the path to net-zero emissions by 2050.

The February tranche saw an order book of over $7.4 billion, with 66% of buyers being ESG-focused investors and 33% international. The October re-opening drew over $3.8 billion in demand, with 53% ESG investors. Proceeds will fund green infrastructure, conservation, and job-creating projects nationwide. Sustainalytics confirmed the framework’s credibility. Annual allocation and impact reports, including the 2022–2023 report released in August 2024, ensure transparency.

McMillan LLP was lead counsel to the government. Additional counsel included BCF LLP, Field Law, Macdonald and Company, MLT Aikins, and Stewart McKelvey. Davies Ward Phillips & Vineberg LLP advised the underwriters: BMO, Casgrain, CIBC, Desjardins, Merrill Lynch Canada, National Bank, RBC, Scotia, TD, and Laurentian Bank Securities.