Oct 30, 2013

By Scott Walker

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Ontario hopes to introduce a new way of paying for transit expansion.

The government of Kathleen Wynne plans to become the first government in Canada to offer “green bonds.” The bonds would be dedicated to environmentally-friendly projects. In Ontario’s case, Finance Minister Charles Sousa says the funds would pay for transit expansion across the province, including the ambitious plans for the Greater Toronto and Hamilton area.

Sousa says green investments are becoming increasingly popular with some investors. The global market for green bonds doubled in the past year to $346-billion US.

The plan will be unveiled in next week’s fall economic update. It will have to be approved by the legislature.

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