P.E.I. environment minister open to idea of climate change bonds

·2 min read
Island-wide transit to reduce the number of cars on P.E.I. roads could be one of the projects funded by 'climate bonds' if they were offered for sale here, says Liberal MLA Heath MacDonald. ( - image credit)
Island-wide transit to reduce the number of cars on P.E.I. roads could be one of the projects funded by 'climate bonds' if they were offered for sale here, says Liberal MLA Heath MacDonald. ( - image credit)

P.E.I. Environment Minister Steven Myers says he is interested in exploring the idea of creating climate change bonds, to let Islanders put their investment dollars into green projects.

The idea was raised by Liberal MLA Heath MacDonald.

"This would be an opportunity for government to allow Islanders to be a partner in climate change," said MacDonald.

"It's a little bit of being innovative, but allowing Islanders to feel like they are actually contributing in more ways than one."

MacDonald suggested the money could go toward projects such as Island-wide transit, or hydroelectricity or solar projects.

Could fit into current strategy

Myers said the idea is an interesting one, but cautioned there would be a lot of details to work out.

The idea of climate change bonds could fit into the government's strategy, says Environment Minister Steven Myers.
The idea of climate change bonds could fit into the government's strategy, says Environment Minister Steven Myers.(Laura Meader/CBC)

He said the funds raised could easily fit into the government's current strategy to reduce the province's environmental footprint.

"We're looking for communities to come along and do community projects," said Myers.

"Community by community can take us up on something like this. I would see that's where the majority of funds should go."

Green MLA Lynne Lund said while climate change bonds could be helpful, she was concerned their reach could be limited.

"The two biggest sources of greenhouse gases on PEI [are] transportation and agriculture," said Lund.

"Environment bonds can be a tool for our climate change toolbox, but the bucket of emissions it's likely to be able to impact is pretty small."

Many of the projects required to mitigate carbon emissions in transportation and agriculture mean investing in depreciating assets, said Lund, which would not make for good returns for the bond holder.

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