Closing the gap: aligning financial regulation with climate commitments

If Canada is to meet its climate commitments, we must do more than require that financial institutions disclose the risks they face from a changing climate and energy transition.

Commissioner of the Environment and Sustainable Development Jerry DeMarco’s spring report on OSFI supervision of climate-related financial risks found the regulator is lagging behind in terms of timing and ambition of action, writes Sen. Rosa Galvez. The Hill Times photograph by Andrew Meade

Opinion

BY ISG SENATOR ROSA GALVEZ

May 17, 2023

“Climate change and the global response to the threats it poses have the potential to significantly impact the safety and soundness of federally regulated financial institutions, and the financial system more broadly.” That’s the opening line in the Superintendent of F...

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