(Bloomberg) -- Canada is in the process of choosing advisers for its debut green-bond sale as it seeks to finance initiatives intended to reduce the country’s carbon footprint, following other Group of Seven nations including Germany and France.

The Department of Finance is selecting one or two structuring advisers after having solicited pitches late last month, according to two people familiar with the matter. The selected firms will help the federal government develop a green-bond framework and determine characteristics of the transaction including size and duration, the people said.

A representative for Bank of Canada, which manages the government’s domestic bond program, referred questions to the Department of Finance. Press officers for the Department of Finance didn’t provide comment.

Canada’s debut in the green-bond market is part of a wide range of measures Ottawa is putting in place to deliver on its commitment to reach net-zero emissions by 2050. That includes a national carbon tax as well as an increasing focus by its housing and infrastructure agencies on sustainable businesses.

The advisers will also help Canada choose firms for third-party opinions, said the people. The government will also ask the structuring advisers to provide recommendations about adherence to voluntary labels such as green-bond principles.

The U.K. said last month it plans its first green issue during the 2021-2022 fiscal year, after European Union countries including Germany, Italy and France saw very strong demand for their debt sales.

Green-bond issuance this year is on track to reach a fresh record. About $137 billion has been sold globally year-to-date, compared to around $46 billion over the same spans in 2020 and 2019, according to data compiled by Bloomberg. Ontario, the word’s largest sub-sovereign debt issuer, is the nation’s largest seller of green debt with C$7.5 billion ($6 billion) outstanding.

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