Hon. Marc Gold (Government Representative in the Senate): Thank you for the question, senator. My understanding is that Canada’s Green Bond Framework is fully aligned with the international green bond standards and the expectations of the market, which is an important factor in designing such a framework. This framework, which includes the nuclear exclusion, is consistent with the green bond frameworks from other sovereign issuers, including France, Germany, Sweden, Spain, Italy and the United Kingdom.

I’m advised that while investments from the green bonds will go towards projects that meet the framework’s criteria, the government continues to support innovation and environmental improvements across the country to ensure that Canadians, communities and businesses can adapt properly and effectively to a net-zero economy. In that regard, Canada recognizes and supports the important role that the broader energy sector plays in this transition.

There is the international framework that governs green bonds, but there is also the government’s commitment, as exemplified in this investment, to encourage innovation and all measures that could help us transition to a net-zero economy.

Senator Gignac: Is it something that the government could reconsider? I think the regime has changed since the Russian invasion of Ukraine, and energy security is important. This is an approach that maybe could be reconsidered. I have information that the European Union is currently reconsidering that aspect because green bond issuance is important for capital markets.

Senator Gold: Thank you for the question. It’s a fair question. I will look into that, but allow me to say the following, though: As colleagues may know, the Government of Canada issued its inaugural Canadian-dollar-denominated green bond just this year, and this inaugural green bond, the first of many such issuances, will create new financing opportunities that will speed up projects ranging from green infrastructure to nature conservancy while also helping to grow our economy and the jobs that flow from that.

As in all government programs, there is a commitment and a willingness to revise and reconsider, and I’ll certainly follow up with your question and hope to have an answer soon.