TORONTO — Hydro One Limited has announced a new financing program to support sustainable projects, the first for a utility in Canada.
Called a Sustainable Financing Framework, Hydro One and its subsidiaries will have the ability to issue sustainable financing instruments such as sustainable and green bonds and allocate the net proceeds to investments in eligible green and social project categories, stated a release.
The project categories include clean energy, energy efficiency, clean transportation, biodiversity conservation, climate change adaptation, socio-economic advancement of Indigenous people and access to essential services such as the electrical grid and high-speed broadband.
The framework has been reviewed by Sustainalytics, a global provider of environmental, social and governance research and analysis. Sustainalytics issued a second party opinion confirming that the framework aligns with the International Capital Markets Association Sustainability Bond Guidelines 2021 and Green and Social Bond Principles 2021.
“Aligning our funding strategy with our sustainability goals will further our journey towards a more equitable and sustainable future through expenditures that contribute to the well-being of the people, planet, and communities we serve,” stated Chris Lopez, CFO of Hydro One, in a statement.