Canada has raised CAD 4 bn (USD 3 bn) from its first green issuance since updating its greenbond framework to allow funding for nuclear power, Bloomberg reports. The 10-year bonds carry a 3.5% coupon and yield half a basis point below Canada’s benchmark rate (3.5%). This is Canada’s second green bond sale.

More to come? This sale will likely pave the way for similar issuances from both public and private companies in the nuclear power sector, head of sustainable finance at Bank of Montreal Jonathan Hackett told Bloomberg.

ICYMI- Nuclear power just got the greenlight from the EIB: The newly appointed president of the European Investment Bank (EIB) Nadia Calviño has decided to shift the bank’s stance on nuclear power, positioning it in favor of the controversial green energy source. Calviño emphasized the importance of Europe remaining competitive in emerging technologies like modular reactors, despite the EIB’s historical avoidance of nuclear investments since the Chernobyl disaster in 1987.

Shell-owned Onward accused of greenwashing: Shell-backed green energy startup Onward has failed to maintain its promise to invest in energy transition projects, and is boosting oil and gas-related ventures instead, investigations by Drilled and The Guardian found. Onward has brought in USD 28 bn in profits from oil and gas last year, and that four out of the five projects with available descriptions on their website were explicitly for oil and gas production. They also found that the job listings featured on their website were primarily related to oil and gas exploration and production. The result of the probe into Onward’s activities has raised concerns about greenwashing and the fossil fuel industry’s true commitment to combating climate change, the Guardian writes.

Onward is just one of many “green” startups backed by the fossil fuel industry: While fossil fuel companies like Shell, Saudi Aramco, and Exxon have been investing in climate tech projects — with Shell increasing its investment in low-carbon energy solutions by 89% in 2022 — industry experts argue that these efforts are primarily greenwashing tactics, as the companies continue to ramp up oil and gas production in parallel, despite the urgency to cease exploration by 2030 to mitigate climate impacts, the analysis concluded. Shell’s new CEO Wael Sawan has just shifted focus back towards boosting oil production, undermining previous climate pledges.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Honda is diversifying its green vehicles: Honda Motor has launched its hydrogen fuel cell electric vehicle — the CR-V e: FCEV — in the US. The 270-mile driving range model is based on the CR-V model, and is designed to provide up to 29 miles of EV driving with the option of fast hydrogen refueling for longer trips. (Statement)
  • US launches waste cleanup project: The US Environmental Protection Agency (EPA) has allocated USD 1 bn for cleanup at 25 hazardous waste sites across the country, marking the final installment of the USD 3.5 bn dedicated to the Superfund program. The investment aims to address pollution in historically underserved communities, with 75% of the sites located in these areas. (Reuters)
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