In July 2015, Climate Bonds Initiative launched the fourth annual edition of the Bonds and Climate Change: State of the Market in 2015. The report estimates $597.7bn climate-aligned bonds are outstanding in the market as of 10th June 2015. What was once a niche market has now grown in size and sophistication.

This is also the fourth annual update of the Bonds and Climate Change Canada report, which draws in part on the global edition. In common with international trends the climate bonds landscape in Canada has also changed.

In the 2015 Canadian report, we find that:
• Canadian issuers account for C$29.3bn outstanding climate-aligned bonds, of which C$1.3bn represents labelled green bonds
• Canadian green bonds have been issued by Export Development Canada (EDC), the Government of Ontario and Toronto Dominion (TD) Bank
• Since the launch of the global report in July 2015, Telus and Westbank partnered to issue a green property bond (C$225m) and Export Development Canada (EDC) issued its second green bond US$300m (C$225m)
• Newly elected Liberal federal government included green bonds in its election platform. We expect federal government leadership to lead to an upsurge in Canadian green bonds activity

This report is a companion piece to the Bonds and Climate Change: State of the Market in 2015 report prepared by the Climate Bonds Initiative.

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