This morning, Canada’s Expert Panel on Sustainable Finance has tabled its final report (see links at bottom) which is a very strong and holistic view of the opportunities that lie ahead for Canada and highlights that the report is about “mobilizing financial services to deliver the investment, ingenuity and influence needed to realize Canada’s leadership opportunity and to secure a sustainable economic future”.
There are many fabulous recommendations in the report. Here are but a few:
Establish a Canadian Sustainable Finance Action Council (SFAC);
Provide incentives for Canadians to invest their savings through their registered retirement savings plans (RRSP) or their defined benefit (DB) pension plans through accredited products;
Establishing a Canadian Center for Climate Information and Analytics (C3IA);
Having a Canadian approach to implementing the Task-Force for Climate-related Financial Disclosures (TCFD) recommendations, which includes suggested timelines for businesses (large and small) as well as financial services companies;
The need for clarification of fiduciary duty around climate (and ESG);
The opportunity to develop transition-oriented financing through Canada's fixed-income market;
Promoting sustainable investing as “business as usual” in Canada’s Asset Management community;
Supporting the Canadian oil and natural gas industry in building a low-emissions, globally competitive future;
Support of a carbon tax with future price predictions;
And much, much more.
This report makes it clear that if you’re a Canadian, or if you invest in Canada, you will be impacted by the transition to a low-carbon economy. If you’re involved in business or finance in any way, this is a must read.