Deputy Prime Minister inaugurates new International Sustainability Standards Board office in Montreal

Department of Finance Canada

Today in Montreal, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, joined by the Minister of Sport and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, the Honourable Pascale St-Onge, announced the inauguration of the Montreal office of the International Sustainability Standards Board (ISSB), an initiative of the International Financial Reporting Standards (IFRS) Foundation.

The IFRS Foundation’s selection of Montreal is an opportunity for Canada to be at the forefront of global sustainability governance, and is a testament to Canada’s strong sustainable finance ecosystem and successful track record of hosting multilateral institutions.

Through this new Montreal office, the ISSB will focus on climate-reporting as its initial priority, and develop new global sustainability standards to improve the global financial services sector and to help accelerate the leveraging of private capital that will be required to support the green transition here in Canada and around the world.

As announced in Budget 2022, the Government of Canada is investing $8 million over three years to support the creation of the ISSB’s Montreal office through Canada Economic Development for Quebec Regions. This support will include the costs of operating the ISSB Montreal office for a period of three years, as well as the first year’s installation costs.

This investment to establish the ISSB’s Montreal office builds on the significant industry and public sector funding from across Canada that helped to bring the ISSB to Canada. A coalition of more than 55 Canadian public and private institutions have pledged tens of millions of dollars, including the federal government’s contribution, towards the project.

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