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.