Emily Paddon, one of my friends and classmates from Oxford, is involved in a scheme to create green bonds in Canada. The initiative, which is part of the Action Canada Fellowship, aims to create a “government-backed financial instrument designed to engage the public by raising capital to accelerate renewable energy production.” The aim is to eliminate more than 25 million tonnes of carbon dioxide equivalent by 2020, at a cost of between $1 and $13 per tonne.
Innovative financing mechanisms will be a very important part of the transition to a low carbon economy. It will be interesting to see when the full details of this become available, and even more interesting when the bonds are available for purchase. Those aiming to both save for the future and help to save the future should take note.