green bonds

Sustainable Bonds Feasibility Study


Sustainable bonds are an effective way to raise capital, diversify funding sources, and reach new investors. More specifically, sustainable bonds are bond instruments where the proceeds will be exclusively applied to eligible environmental and/or social projects.  They are subject to the same capital market and financial regulation as other fixed income securities (International Capital Market Association, 2020). Several other post-secondary institutions, like Concordia, Massachusetts Institute of Technology and University of Cincinnati, have used sustainable bonds to raise capital to finance infrastructure and previously issued bonds. Two MBA students completed a group project in MGST 715 to determine if sustainable bonds are a viable option for the University of Calgary.


  • Completed an industry analysis (globally, Canada, post-secondary); examined relevant precedents; considered strategic alignment for the University of Calgary; listed risks and assumptions and crafted recommendations for the university.
  • Created a sustainable bonds framework and a suite of actionable insights both internally and externally.

Next Steps:

  • University of Calgary is considering how sustainable bonds could advance sustainability.
  • Findings inspired future research projects. Some of which will commence in Fall 2020.


This research was funded in part by the Government of Canada’s Sustainable Development Goals.