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Financial hypocrisy in Canada – the pretence that nuclear power is green and cheap

A Global First: BMO Supports Bruce Power with World’s First Nuclear Green Financing Framework, Yahoo Finance  TORONTO, Nov. 22, 2021 /PRNewswire/ – Bruce Power, Ontario’s leading private sector power provider, has taken another industry-leading step in its environmental [?], social and governance strategy by launching the world’s first green [?] finance framework with nuclear use of proceeds.

Acting as Co-Lead Green Structuring Agent, BMO Financial Group (TSX:BMO) (NYSE:BMO), today announced the successful issuance of CAD $500 Million in green [?] bonds under the framework, which is designed to guide future issues of green bonds with a focus on Bruce Power’s Life-Extension Program and investments related to increasing the output of nuclear units and extending the plant’s life beyond 2060.

The framework sets out the guidelines in accordance with the Green Bond Principles issued by the International Capital Markets Association (ICMA) and the Green Loan Principles issued by the Loan Market Association (LMA) and Loan Syndications and Trading Association (LSTA) – ensuring the proceeds are exclusively allocated to green projects and activities that promote environmental sustainability and deliver clear environmental benefits.

CICERO Shades of Green, an internationally-recognized leading provider of independent review and second-party opinions on green financing frameworks, [REALLY?} has given Bruce Power’s Green Finance Framework the highest possible governance score of Excellent, and an overall designation of CICERO Medium Green, acknowledging the role of nuclear power in mitigating climate change and recognizing Bruce Power’s strong risk management processes.

Clean nuclear power is crucial to fighting climate change, and today’s announcement marks another industry-leading step in the company’s environmental, social and governance strategy,” said Mike Rencheck, Bruce Power’s President and CEO…..

“We’re proud to partner with Bruce Power to build a green framework that facilitates the alignment of the company’s business and financing activities to support nuclear power’s critical role in mitigating climate change,” said Jonathan Hackett, Head, Sustainable Finance, BMO Capital Markets. ………. https://finance.yahoo.com/news/global-first-bmo-supports-bruce-143800875.html

November 23, 2021 - Posted by | business and costs, Canada, climate change

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