While the Green Bond Program itself does not elaborate as to the identification of climate change impacts on the City of Vancouver, the host of climate change related documents produced by the city in recent years provides a wealth of insight into the topic. Through their Climate Change Adaptation Strategy Vancouver has identified three areas of concern: hotter, drier summers; warmer, wetter winters; sea level rise. Much of the information related to these impacts was compiled through observation of currently experienced impacts as well as through climate projections provided by the International Panel on Climate Change. The city has experienced a host of climate change related impacts in the past decade including coastal flooding, poor air conditions due to wildfires, and drought conditions. Vancouver has opted to utilize these future projections rather than historical data. In doing so, the City of Vancouver downscaled the projections in order to better tailor them to a local context. Aside from the use of climate projections, Vancouver has also undertaken broad vulnerability and risk assessments. These assessments also led to the creation of a Coastal Flood Risk Assessment as well as the identification of future areas of research. The report notes that the inherent uncertainty and long timelines associated with adaptation planning spur the need for periodic reassessment and a renewed understanding of the extent and nature of impacts affecting Vancouver.
In September of 2018 the City of Vancouver introduced the Green Bond Program in order to better facilitate the funding of environmentally sustainable projects and programs and address local climate change impacts such as sea level rise and severe heat waves. The Green Bond Program was created by Vancouver City Council in order to compliment and provide additional financial support to projects and programs which support the city’s Renewable City Strategy. The City of Vancouver is a leader in sustainability and derives much of its electricity from renewable sources. The Green Bond Program is another trail blazing effort on the part of the city, becoming one of only three such programs offered by a Canadian city (the others being the City of Toronto and the City of Ottawa). The program offers $85 million Canadian dollars in bonds with a maturation date of 2028. Payment of capital and interest of green bonds are made from the city’s general sinking fund debentures who’s 2011-2021 offering is $140 million. All proceeds from bond sales will be used towards capital projects that are deemed to have a positive benefit to the environment. Eligible project categories include (but are not limited to) initiatives which address renewable energy, energy efficiency, green buildings, and clean transportation. To date, the program has funded projects such as the redevelopment of Roddan Lodge affordable housing incorporating green building principles, and sewer and water main reconstruction in order to increase flood resilience and improve service levels.