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Vancouver, BC launches its first green bond
Vancouver, BC – Under Vancouver’s new Green Bond Framework, net proceeds from an $85 million green bond will be used to finance Council-approved capital projects that support the city’s commitment to positive environmental goals, social responsibility, and economic development, while offering investors competitive returns.
“Green bonds offer an environmental and social investment tool that will support the City’s efforts to build sustainable infrastructure for many generations to come,” said Mayor Gregor Robertson.
Eligible capital projects include investments in renewable energy, energy efficiency, green buildings, clean transportation, pollution prevention and control, sustainable water and wastewater management, and environmentally sustainable management of living natural resources.
Some of the projects approved in the city’s capital plans to be funded by the green bond include:
Fire Hall 17 Renewal – A new Net Zero Energy fire hall that will be Passive House and LEED Gold (v4) certified. Environmental benefits include reducing energy use from natural gas and electricity down to zero, along with reduced greenhouse gas (GHG) emissions and water consumption.
Roddan Lodge Redevelopment – More than 200 social housing units that will contribute to Downtown Eastside housing targets. Environmental benefits include reducing energy use from natural gas and electricity, and reductions in GHG emissions and water consumption.
Neighbourhood Energy Utility – Operational since 2010, this system enables recycling of waste heat sources in the community and secures 100 per cent renewable energy outcomes for buildings connected to the system. Environmental benefits include significant GHG reductions for new building developments in the False Creek area.
The inaugural $85 million green bond pays a 3.10% coupon interest rate and matures on September 21, 2028
For additional information:
City Treasurer, City of Vancouver
For resources and tools related to sustainability, visit the Center for Sustainability (C4S)and C4S Toolkit.