OTTAWA, March 23 (Xinhua) -- Canada issued its inaugural 7.5-year green bond worth 5 billion Canadian dollars (3.98 billion U.S. dollars) this week, Canadian Finance Ministry announced Wednesday.

       In a news release, the ministry said the green bond will play an important role in financing the investments in green infrastructure and other projects that will help fight climate change and protect the environment, while also growing Canada's economy and creating new, good-paying jobs across the country.

       The bond had saw robust demand from environmentally and socially responsible investors who represented a majority of buyers, or 72 percent, as well as from international investors, who made up over 45 percent of the investor base, the release said, revealing that the final order was overbooked as high as 11 billion Canadian dollars (8.75 billion U.S. dollars).

       Deputy Prime Minister and Minister of Finance Chrystia Freeland said leveraging private investment will help the government meet Canada's 2030 emissions reduction target and achieve net-zero emissions by 2050.

       "The global economy is turning swiftly, decisively, and irreversibly green. It is essential for the prosperity of the next generation of Canadians-and indeed, for those of us working today-for Canada to be at the forefront of this great transformation, and sustainable finance is central to this objective," Freeland said.

       This inaugural green bond will be the first of many green bond issuances to come, according to the news release.