The Government of Canada's Department of Finance published its Green Bond Allocation and Impact Report for 2024-25 on 2 April 2026, providing a detailed accounting of how CAD 4 billion in proceeds raised through two separate green bond issuances — in October 2024 and February 2025 — has been directed towards eligible environmental projects across the country. The report fulfils Canada's commitment under its Green Bond Program to publish allocation and impact reports for its green bonds.
The October 2024 issuance was a CAD 2 billion re-opening of the green bond first issued in February 2024, and the February 2025 deal was a new CAD 2 billion green bond. As of 2024-25, the Government of Canada had held four issuances under its Green Bond Program.
CLEAN ENERGY AND TRANSPORT DOMINATE ALLOCATIONS
The three largest allocation categories by value — clean energy, clean transportation, and energy efficiency — together accounted for 62% of the total CAD 4 billion in proceeds. Clean energy received CAD 1,036 million (26%), clean transportation CAD 943 million (23%) and energy efficiency CAD 506 million (13%); clean transportation covered zero-emission vehicle purchase incentives, public transit, active transportation such as bike lanes, and electric vehicle charging and hydrogen fuelling infrastructure.
Energy efficiency allocations supported clean technology in agriculture and agri-food, grants for homeowners to make homes more energy efficient and resilient, and building codes and deep retrofits.
Nuclear expenditures allocated for 2024-25 totalled CAD 201.44 million, of which CAD 199.67 million represented 5% of the net proceeds from the October 2024 and February 2025 issuances and CAD 1.77 million was a re-allocation from the February 2024 bond; they covered the Canada Infrastructure Bank's Darlington small modular reactor financing, a Natural Resources Canada programme and Strategic Response Fund support for several advanced-reactor companies. The government updated its Green Bond Framework in November 2023, in the Fall Economic Statement, to include certain types of nuclear energy expenditures.
NUCLEAR INCLUSION AND FRAMEWORK EVOLUTION
In November 2025 the government said it would explore developing a Sustainable Bond Framework that would allow the issuance of both green and new transition bonds, aligned with Canada's forthcoming sustainable investment taxonomy.
The report also sets out impact metrics for the funded projects, including greenhouse gas emissions reduced or avoided, energy savings, jobs created or supported, transit infrastructure and chargers installed, trees planted and hectares restored or conserved. Allocations and impacts of the green bond issuance in fiscal 2025-26 will be covered in Canada's next report.
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