WEBVTT Kind: captions Language: en-CA 00:00:00.000 --> 00:00:08.640 [MUSIC] 00:00:08.640 --> 00:00:13.680 This October, the OFA marks the tenth anniversary  of Ontario’s Green Bond Program, offering a chance   00:00:13.680 --> 00:00:18.440 for us to share an update on the impact of the  Program as well as how Ontario plans to remain   00:00:18.440 --> 00:00:25.040 a leader in the Canadian dollar green bond market. Issuing Green Bonds to support important projects   00:00:25.040 --> 00:00:29.360 across the Province has been a very  fulfilling experience. Green Bonds   00:00:29.360 --> 00:00:33.560 continue to play an important role for the  Province, as they are part of Ontario’s   00:00:33.560 --> 00:00:39.360 Environment Plan to address Climate Change. Ontario’s Green Bond program has and will   00:00:39.360 --> 00:00:43.280 continue to evolve in conjunction with  the Green Bond market, to ensure that we   00:00:43.280 --> 00:00:49.280 reflect industry best practices and align  with internationally recognized standards.  00:00:49.280 --> 00:00:53.600 In January 2024, Ontario announced  its new Sustainable Bond Framework,   00:00:53.600 --> 00:00:58.520 replacing its Green Bond Framework from 2014.  The new Framework allows for a broader range   00:00:58.520 --> 00:01:04.160 of potential bond offerings including Social  and Sustainable bonds, in addition to Green.  00:01:04.160 --> 00:01:09.760 Ontario’s new Sustainable Bond Framework was  developed to align with the four core components   00:01:09.760 --> 00:01:16.440 of the International Capital Market Association  (ICMA) guidelines and principles. Additionally,   00:01:16.440 --> 00:01:23.240 the Framework references alignment with the United  Nations Sustainable Development Goals (UN SDGs).  00:01:23.240 --> 00:01:28.120 Ontario’s approach to sustainability is  embedded in its policies, programing,   00:01:28.120 --> 00:01:33.040 capital expenditures and other initiatives that  govern the people, places and business’ resident   00:01:33.040 --> 00:01:37.680 in the Province. As part of broader clean  energy initiatives, efforts are being made   00:01:37.680 --> 00:01:43.720 to support deployment of nuclear energy that  will contribute to reducing carbon emissions.  00:01:43.720 --> 00:01:47.480 The Ministry of the Environment, Conservation  and Parks has forged a strong partnership with   00:01:47.480 --> 00:01:52.640 OFA over the past ten years, supporting the  development of the first Green Bond Framework,   00:01:52.640 --> 00:01:58.320 leading to the issuance of our first green  bond, the first in Canada, in 2014. We have   00:01:58.320 --> 00:02:03.120 also been an active member of the OFA’s Green  Bond Advisory Panel since the very beginning,   00:02:03.120 --> 00:02:07.920 helping identify government projects that  provide beneficial environmental outcomes,   00:02:07.920 --> 00:02:13.480 in alignment with the interests of investors. More recently, MECP worked closely with the OFA   00:02:13.480 --> 00:02:18.840 to ensure our new Sustainable bond framework  aligns with Ontario’s strategic priorities,   00:02:18.840 --> 00:02:24.400 including transitioning to a cleaner economy in  Ontario. Mobilizing capital for this transition   00:02:24.400 --> 00:02:28.960 is a crucial part of Ontario’s approach to  meet its emissions reduction target and to   00:02:28.960 --> 00:02:35.000 future-proof our economy over the long term. Ontario remains the largest and most consistent   00:02:35.000 --> 00:02:40.840 issuer of Canadian dollar Green Bonds. With the  latest Green Bond issuance we have reached the   00:02:40.840 --> 00:02:46.120 milestone of CAD 20 billion. To date, the Province  has issued seventeen Green bonds, of which   00:02:46.120 --> 00:02:53.880 approximately 18.0 billion CAD is outstanding. One decade ago, Ontario was the first Canadian   00:02:53.880 --> 00:02:59.400 province to issue a Green Bond and was recognized  for this achievement with a Pioneering Award   00:02:59.400 --> 00:03:06.120 from the Climate Bonds Initiative in 2016. Ontario has continued its leadership role in   00:03:06.120 --> 00:03:10.960 the Canadian dollar Green Bond market, paving  the way for other issuers. Over the years,   00:03:10.960 --> 00:03:15.440 there has been a significant increase in  issuers including participation from utilities,   00:03:15.440 --> 00:03:20.000 pension funds, corporations, and  all levels of government in Canada.  00:03:20.000 --> 00:03:24.840 Ontario is a benchmark borrower with an  issuance program averaging around 38 billion   00:03:24.840 --> 00:03:29.760 Canadian dollars annually since 2010. The role  of Green Bonds in our annual borrowing program   00:03:30.280 --> 00:03:35.040 has continued to grow as they are a core  component of the Province’s funding plans,   00:03:35.040 --> 00:03:39.320 and complement our regular issuance  in Canadian and foreign currencies.  00:03:39.320 --> 00:03:44.760 A total of 29 different projects have received  funding from Ontario’s Green Bond issues,   00:03:44.760 --> 00:03:49.920 with an emphasis on Clean Transportation,  Energy Efficiency and Conservation,   00:03:49.920 --> 00:03:55.320 and Climate Adaptation and Resilience. One of the Clean Transportation projects   00:03:55.320 --> 00:04:01.040 funded through a majority of our Green Bond issues  is GO Expansion. GO Expansion will shift the GO   00:04:01.040 --> 00:04:06.320 Rail network from a largely commuter system to  a comprehensive regional rapid transit service,   00:04:06.320 --> 00:04:12.280 decreasing GHG emissions and criteria air  contaminants. Electrification of GO rail is a key   00:04:12.280 --> 00:04:18.320 component of the Province’s commitment to deliver  a comprehensive, all-day rapid transit network.  00:04:18.320 --> 00:04:22.360 Over the past decade, Green Bonds have  consistently funded energy efficiency   00:04:22.360 --> 00:04:27.600 and conservation improvements to hospitals,  university campuses, and other institutional   00:04:27.600 --> 00:04:34.480 buildings across Ontario to save water and energy  and reduce emissions from our public buildings.  00:04:34.480 --> 00:04:38.680 The Port Lands Flood Protection project is the  first climate resiliency project to receive   00:04:38.680 --> 00:04:44.880 Green Bond funding. It is a $1.25 billion  project to protect southeastern portions of   00:04:44.880 --> 00:04:50.280 downtown Toronto that are at risk of flooding. Most recently, Green Bonds have supported   00:04:50.280 --> 00:04:55.400 Ontario’s EV ChargeON program, which provides  funding for the installation of public electric   00:04:55.400 --> 00:05:00.000 vehicle chargers in Ontario communities  outside of major cities, with that we can   00:05:00.000 --> 00:05:05.800 support the use of EVs right here in Ontario. Over the years, we have endeavoured to be a   00:05:05.800 --> 00:05:11.160 leader in our transparency and impact reporting  efforts with the publication of an annual Green   00:05:11.160 --> 00:05:18.600 Bond newsletter. We plan on publishing our  tenth newsletter before the end of the year.  00:05:18.600 --> 00:05:23.160 Ontario has a mature Green Bond program and  expects Green Bonds to have a continuing   00:05:23.160 --> 00:05:28.800 role in its borrowing program going forward. The  Province looks to issue a broader range of bonds   00:05:28.800 --> 00:05:36.160 under its new framework and issue multiple bonds  every fiscal year, subject to market conditions.  00:05:36.160 --> 00:05:39.520 We look forward to expanding our work  in the Sustainable Bond space and   00:05:39.520 --> 00:05:51.240 collaborating with other Canadian issuers  on updating their own Green Bond programs. 00:05:51.240 --> 00:05:51.740 [MUSIC]