As Canada’s green taxonomy program takes shape, the program’s draft methodology report and FAQ suggests it could potentially reclassify activities in Canada already financed as green, according to a report by Dentons Canada LLP.

It noted green bonds have been issued by Canadian issuers to finance nuclear power development on the basis of it being a green use of proceeds. However, the taxonomy’s FAQs state that it’s too early to say what specific projects (including nuclear power projects) would be eligible for the taxonomy and in what ways.

Other uses of proceeds that have been financed with green bonds in Canada include numerous green bonds issued for ‘energy efficiency’ which the draft methodology report suggests might not be considered green under the proposed taxonomy.

Read: Canada’s green taxonomy program continues taking shape, council seeks feedback

“Recognizing that a taxonomy is different from........

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