TransLink’s board of directors has given the green light for the agency to become the first transit agency in Canada to issue “green bonds.”
TransLink says the bonds will be used to help to finance the largest expansion to transit service in Metro Vancouver’s history, which the agency says aligns with its sustainability and environmental goals, including a plan to reduce greenhouse gas emissions by 80 per cent and to use 100 per cent renewable energy by 2050.
“Green Bonds are a natural fit for TransLink,” says Lorraine Cunningham, the transit agency’s board chair, in press release. “We are the fastest-growing transit authority in North America. Our ridership is growing rapidly and we have big plans for the future, making us an attractive option for investors seeking an investment with strong, green credentials.”
TransLink says the bonds will benefit the financing of its projects by diversifying its investor base and that they will bring more accountability to those projects. The sale of the bonds will be managed by RBC Capital Markets and TD Securities Inc. and the inaugural transactions are set for mid-November.
Source City News 1130