A “green bond” is an instrument made available on the public market by a public entity or company to fund environmental projects, such as, for example, the development of renewable energies, the improvement of energy efficiency, or the development of transport infrastructure with low GHG emissions (https://www.connaissancedesenergies.org/quest-ce-quune-obligation-verte-170504).
If the Province of Quebec had sold $500 million in bonds in 2017, its public market would have been able to fund $1.1 billion in projects, including the Azur subway, hydrid buses and infrastructure repairs.
However, the emission of resilience bonds raises three fundamental questions: How are they different from normal bonds? How should a market for this type of public instrument be designed for Canadian cities? More recently, the creation of resilience bonds has raised a problem of measurement. How do we properly evaluate progress made by a government on resilience? This research project aims to answer these questions.