Ontario successfully issued a $1-billion green bond on Jan. 25, the Ontario Ministry of Finance announced on Wednesday.
The bond matures on Feb. 5, 2025.
The province will use the proceeds to fund environmentally driven infrastructure projects to help reduce greenhouse gas emissions and combat climate change.
Most of the money will be devoted to public transit projects, including over $400 million for light rail transit in Toronto, and $300 million for the GO Transit train system.
“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,” says Charles Sousa, Ontario minister of finance, in a statement.
With this latest issue, which matures Feb. 5, 2025, Ontario has now completed four green bond issues totalling $3.05 billion.
The province issued its first green bond in 2014. That bond, which raised $500 million, matures later this year.