Canada’s federal government is raising funds to support green infrastructure and nature conservation projects through its fifth issuance of green bonds.

The 30-year green bonds are designed to attract private financing and play a role in the country’s strategy to achieve net-zero emissions by 2050. The investment asset is backed by Canada’s AAA credit rating.

Read: Issuance of emerging market green bonds expected to reach US$240BN by 2025: report

The feds are also re-opening a seven-year bond program issued in February, which had received a final order book of more than $3.1 billion.

Since March 2022, the government has raised $13 billion of Canada green bonds through four previous transactions issuing bonds with maturities from seven to 10 years but this represents the first time a 30-year maturity green bond has been issued.

Earlier this year, the feds announced green bonds have funded strategic investments in reducing carbon pollution from transportation, with 11 programs across the country receiving financial support. The bonds have also helped fund programs related to clean energy and sustainable water.

Read: US$330BN worth of emerging market green bonds expected to mature in the next three years: report