October 24, 2018 – Toronto, Ontario
With the world shifting toward more sustainable economic growth, the opportunity to provide innovative clean solutions is quickly emerging for Canadian businesses. As global demand for these solutions increases, new markets will lead to growth in exports and the creation of good, well-paying jobs in clean technology sectors. Canada has an opportunity to play a leadership role.
Canada’s financial sector has an important role to play in unlocking the potential of clean growth in Canada. Sustainable finance incorporates environmental and social factors into financial decision making in order to promote sustainable economic growth and long-term financial stability. To ensure Canadians can participate in, and prosper from, the opportunities presented by sustainable finance, in April 2018 the ministers of Environment and Climate Change and Finance created the Expert Panel on Sustainable Finance.
The Expert Panel was asked to consult with Canada’s financial market participants on issues related to sustainable finance, including climate-related disclosures. Its members were also asked to draft a report outlining the opportunities and challenges related to sustainable finance and climate-related risk disclosure in Canada, and to develop recommendations on next steps the Government of Canada may wish to consider within its area of jurisdiction.
Today, the Expert Panel released its interim report. Over the coming months, the Expert Panel will hold roundtable discussions and other targeted conversations across the country on key items in this report. The release of their final report is planned for spring 2019.
“I am delighted to work with the Expert Panel members to advance sustainable finance in Canada. This interim report is a critical first step toward finding practical solutions for a more sustainable and prosperous economic future.”
– Catherine McKenna, Minister of Environment and Climate Change
“The Government is committed to helping Canadians and Canadian businesses succeed, and sustainable finance is one more way to achieve that goal. The Expert Panel’s interim report will help inform our discussions and investments moving forward, ensuring that Canada’s economy is well positioned to grow today, and into the future.”
– Bill Morneau, Minister of Finance
According to the World Bank, the Paris Agreement will help open up nearly $23 trillion in new opportunities for climate-smart investments in emerging markets around the world, between now and 2030.
The Expert Panel on Sustainable Finance is led by Dr. Tiff Macklem, Dean of the University of Toronto; Andrew Chisholm, a member of the Board of Directors of the Royal Bank of Canada; Kim Thomassin, Executive Vice-President of Legal Affairs and Secretariat for the Caisse de dépôt et placement du Québec; and Barbara Zvan, Chief Risk & Strategy Officer for the Ontario Teachers’ Pension Plan.
The Expert Panel is supported by Environment and Climate Change Canada in collaboration with Finance Canada.