Canadian Green Bond Issuance Set to Rebound in 2024 After Sharp Decline
After a significant drop in 2023, Canadian green bond offerings are expected to surge in 2024, with companies raising $5.7 billion.
Canadian green bond issuance is expected to see a resurgence in 2024, following a significant drop in offerings last year. In 2024, Canadian companies raised $5.7 billion through green bonds, marking a 58% decrease from the previous year. Canada's share of the global green bond market also fell to 1.3%, down from 4% in 2020, according to data from LSEG.
The decline in green bond issuance in Canada in 2023 was attributed to higher interest rates and a tight labour market, which hindered sustainable projects. However, with the Bank of Canada likely to cut policy rates in the second half of this year and the government aiming to create favorable economic conditions, green bond offerings are expected to pick up pace.
Desjardins Securities, ranking seventh for advisers to Canadian debt capital market deals in 2024, is poised to play a key role in facilitating green bond issuance. The inclusion of nuclear power projects in Ontario's green bond program has also sparked optimism in the market, with Canadian corporations increasingly turning to green bonds to fund environmentally friendly initiatives.
Entities like British Columbia Investment Management Corp's QuadReal Property Group are planning to launch more green bonds as interest rates decrease. QuadReal has already issued multiple green bonds in recent years, reflecting the growing demand for sustainable investment opportunities.
The outlook for green bond issuance in Canada is positive, with market conditions expected to improve and a growing focus on environmentally friendly projects driving interest in green bonds.
Canadian Green Bond Issuance Set to Rebound in 2024 After Sharp Decline
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