Green Bonds

Green Bond Program

Besides seeking to diversify its sources of financing, the Ministère des Finances du Québec wishes to be at the forefront of financing trends and to promote new markets. To this end, Québec has put in place a Green Bond program, thereby demonstrating its commitment not only to developing the Green Bond market, but also its commitment to the environment.

Green Bonds issued by the government raise capital that is then allocated to specific projects that generate tangible benefits in Québec with regard to protecting the environment, reducing GHG emissions or adapting to climate change. Funded projects will comply with Québec's environmental protection statutes and regulations, and must demonstrate concrete benefits for the environment.

This program draws on the Green Bond PrinciplesThis link will open a warning that you are leaving the Department's Website and will open a new window. (GBP), a set of core guidelines first launched in 2014 by a group of financial institutions seeking to improve transparency in this growing market. Subsequently, various other players in the global bond market—investors, issuers and bond underwriters wanting to help harmonize practices in their field—adopted the GBP. The GBP are voluntary and regularly updated, and address mainly the issuing process, disclosure and reporting.


In this spirit of transparency, the Québec government consulted a third party, in this case CICERO (Center for International Climate and Environmental Research — Oslo), which issued an independent opinion on Québec's Green Bonds framework and selection process.

‘Second Opinion’ on Quebec’s Green Bond framework (CICERO) This link will open a PDF document in a new window.