The Government of Quebec is selling green bonds as wildfires rage across the province and create the worst air quality in the world in cities ranging from Ottawa to New York.
Quebec’s government said it raised $600 million through the sale of green bonds that mature in November 2032.
Proceeds from the bond sale will be used to finance clean transportation projects, including a light rail transit system for Quebec City, said the government.
Green bonds enable governments that issue them to allocate funds to four environmental categories, including for climate change adaptation.
The bond sale comes as Canada endures its worst wildfires on record, with more than 400 forest fires active in provinces such as Nova Scotia, Quebec and Alberta.
Canadian Prime Minister Justin Trudeau has blamed the wildfires on climate change.
Flights to New York’s LaGuardia Airport have been grounded due to low visibility caused by the wildfires and air quality alerts have been issued for cities such as Ottawa and Boston.
Hundreds of American firefighters have traveled to Quebec to help extinguish the wildfires.
