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Banks, insurance firms to aid feds' climate finance council


Toronto s financial district in 2015. Photo by Matthew Henry / Unsplash
Canadian banks, pension funds and insurance companies will all get to participate in a new public-private advisory body for climate disclosures in the financial sector, leading some groups to warn it could lead to industry self-regulation.
The Sustainable Finance Action Council, launched May 12, will draw upon “financial sector leaders” for help in transforming Canadian markets so that they properly measure, price and disclose the risks faced by businesses from the climate crisis. It will report to Finance Minister Chrystia Freeland and Environment and Climate Change Minister Jonathan Wilkinson.
The government’s formation of the council fulfils a recommendation made almost two years ago by the Expert Panel on Sustainable Finance, chaired by Tiff Macklem, now the governor of the Bank of Canada and represents the latest step towards a new regulatory world that is going mainstream among Canad ....

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