Canadian government-backed Expert Panel on Sustainable Finance releases interim report

The mandate of the Expert Panel on Sustainable Finance was to engage with a wide range of stakeholders on sustainable finance in Canada to articulate the key challenges and opportunities and to provide next step recommendations to the government of Canada.

The interim report includes feedback received through open and diverse conversations with stakeholders across the financial services, business, public sector, think tanks and academic communities.

It also seeks to understand how the financial services industry can be empowered to develop and scale markets and products that will support investment in climate resilience and low-carbon growth.

The report noted the following critical findings:

• climate effects are significant and growing;
• Canada’s economy is carbon intensive: investing in transition is a must;
• the financial services industry has a key role to play.

The report further noted the importance of clarity on climate data and carbon policy and the importance of the TCFD recommendations as an important framework on climate-related risks and opportunities. Consistent financial regulation and clarity on fiduciary and legal duties were also cited as critical for effecting action on climate change. Opportunities to expand financial markets and products for energy efficiency, sustainable infrastructure and cleantech are areas that should be developed and encouraged.

”We welcome the perspectives shared on where the industry can mobilise and what coordination is needed for Canada to transition towards a low-carbon economy,” said PRI CEO Fiona Reynolds.

We welcome the perspectives shared on where the industry can mobilise and what coordination is needed for Canada to transition towards a low-carbon economy

Fiona Reynolds, PRI CEO

”The PRI looks forward to supporting the Expert Panel for Sustainable Finance as they develop recommendations for their final report due in spring 2019.”