Expert Panel on Sustainable Finance Releases Final Report
On Friday, June 14, 2019, the Expert Panel on Sustainable Finance (the Panel) released its final report titled Mobilizing Finance for Sustainable Growth (the Report).
The Report indicates that:
Canada is positioned to become a leader in the global transition towards a low-emissions future.
Canada’s financial services sector should play an important role in helping Canada lead the global transition to lower greenhouse gas emissions.
Sustainable finance should be at the forefront of leveraging Canada’s world-leading financial services sector in the transition to lower emissions investments and innovation.
The Report also sets out a consolidated plan to facilitate sustainable finance including:
Renewing Canada’s long-term vision to crystallize climate goals into clear industry competitiveness and capital plans.
Linking Canadian savings strategies to climate objectives.
Establishing a Canadian Sustainable Finance Action Council and a Canadian Centre for Climate Information and Analytics.
Clarifying the scope of fiduciary duty in the context of climate change.
Embedding climate-related risk into monitoring, regulating and supervising Canada’s financial system.
Expanding Canada’s green fixed income market to promote sustainable investment.
Supporting Canada’s oil and gas industry in building a low-emissions, globally competitive future.
Engaging institutional investors in financing Canada’s future electricity grid.
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