At an international round table discussion on sustainable finance April 12, Minister of Environment and Climate Change Catherine McKenna and Finance Minister Bill Morneau announced the creation of an Expert Panel on Sustainable Finance, with a focus on “unlocking the potential of clean growth in Canada.”
The panel will be chaired by Tiff Macklem, Dean of the University of Toronto’s Rotman School of Management and former Senior Deputy Governor of the Bank of Canada, and will consult members of the business community about the opportunities associated with sustainable finance. The Expert Panel will also explore the opportunities and challenges for companies facing voluntary standards for corporate disclosure of the risks associated with climate change.
The Expert Panel builds on the work of the Task Force on Climate-related Financial Disclosures (TCDF), led by Michael Bloomberg, established by the Financial Stability Board, and chaired by Mark Carney, Governor of the Bank of England.
The round table included Governor Carney and representatives of Canada’s business and financial sectors, including banks, pension funds, insurers, and the energy sector.
“We know that the environment and the economy go hand in hand,” said Minister McKenna. “Around the world, leading financial markets are paying more and more attention to climate change. Here in Canada, investors want quality information to help manage the risks of climate change and profit from the opportunities that clean growth creates. Better climate information is good news for investors, companies, and Canadians.”