Ontario has officially launched a green bond program with an inaugural issue of $500 million, making it the first province in Canada to issue green bonds — a tool to raise capital for environmentally beneficial projects.

About a year after the government first decided to offer the bonds, they went on sale in September, resulting in $2.4 billion worth of orders from investors in Canada, the United States, Europe and Asia.

“These attractive new bonds prove a solid appetite exists among international investors who are looking to invest in a secure and socially responsible manner,” said Minister of Finance Charles Sousa.

Projects that will help finance transit and other sustainable infrastructure initiatives across Ontario will benefit from the first round of investments, such as the Eglinton Crosstown LRT.

The program is part of the government’s economic plan for Ontario to build modern infrastructure, invest in people’s skills and create an innovative environment where business thrives.

Future investments could include, clean energy and technology, energy efficiency and conservation, climate adaptation and resilience, forestry, agriculture and land management, and clean transportation.