The federal government has announced that it will create a Sustainable Finance Expert Panel to consult with Canada’s business leaders, including insurers, on opportunities related to sustainable finance, including climate-related disclosures.
The Expert Panel builds on the work of the Task Force on Climate-related Financial Disclosures (TCDF), led by Michael Bloomberg, that was established by the Financial Stability Board and chaired by Governor of the Bank of England Mark Carney. The Task Force will develop voluntary recommendations on climate-related information that companies can disclose to help investors, lenders, and others make sound financial decisions.
IBC and several insurer CEOs attended a roundtable with Minister Catherine Mckenna, FinanceMinister, Bill Morneau and Governor of the Bank of England Mark Carney. The industry encouraged the government to focus its efforts on climate change adaptation. Following the roundtable, the government announced the creation of the expert panel.
“Investors require a financial framework that lowers our risk in an era of unpredictable climate change,” said Don Forgeron, president & CEO, IBC. “IBC and its members have advocated for and welcome the development of a sustainable financial framework, which will be instrumental in transitioning Canada to a low carbon economy.”
Earlier this month, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project. The report summarizes the findings of the CSA’s previously announced project to review the disclosure by reporting issuers of risks and financial impacts associated with climate change and outlines its plans for future work.