Canada – Deputy Prime Minister and Minister of Environment and Climate Change participate in first meeting of Sustainable Finance Action Council

The Action Council, chaired by Kathy Bardswick, comprises 25 organizations from Canada’s deposit-taking institutions, insurance companies, and pension funds, which, combined, have more than $10 trillion in assets.

June 11, 2021 – Ottawa, Ontario – Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Jonathan Wilkinson, Minister of Environment and Climate Change, attended the inaugural meeting of Canada’s new Sustainable Finance Action Council.

The Action Council, chaired by Kathy Bardswick, comprises 25 organizations from Canada’s deposit-taking institutions, insurance companies, and pension funds, which, combined, have more than $10 trillion in assets. Representatives at today’s meeting included CEOs and senior executives. The action council’s mandate is to support the growth of a well-functioning sustainable finance market in Canada and strengthen the mobilization of private capital in support of Canada’s climate goals.

Both the Deputy Prime Minister and the Minister of Environment and Climate Change acknowledged the global challenges of climate change and the enormity of the accelerating shift towards a low-carbon economy. They stressed the importance of working to design and implement made-in-Canada strategies that seize the opportunities of our low-carbon future and build a strong sustainable finance sector in Canada. Both mentioned the significant investments the federal government has made since October 2020—$53.6 billion—in a green recovery, including investments in world-leading technologies like carbon capture, utilization, and storage, establishing the Clean Fuels Fund, and setting out Canada’s Hydrogen Strategy. They discussed the importance of ensuring Canada’s shift to a low-carbon economy is inclusive—that it brings workers in all regions of Canada along and that building a sustainable economy also means addressing issues of gender and diversity in our economy. 

Participants discussed the need to create a financial system that takes climate risks and opportunities into account in both the public and private sectors. The Deputy Prime Minister and the Minister of Environment and Climate Change both highlighted Canada’s commitment to the recommendations of the Task Force on Climate-Related Financial Disclosures.

The Deputy Prime Minister and Minister of Environment and Climate Change underscored the importance of mobilizing private sector capital towards a sustainable economy; that the private sector is a critical partner in Canada’s work to build a prosperous net-zero economy; and that, by filling the gaps in the sustainable marketplace, the private sector can ensure Canada remains competitive and prosperous well into the future.

The Deputy Prime Minister noted Canada’s international leadership in putting a price on carbon pollution, which was acknowledged at the recent G7 Finance Ministers’ meeting. She emphasized how this policy is helping Canada lead important international policy discussions.

Participating organizations:

Alberta Investment Management Corporation (AIMCo)
ATB Financial
Aviva Canada
BMO Financial Group           
British Columbia Investment Management Corporation
Caisse de dépôt et placement du Québec      
Canada Life   
Canada Pension Plan Investment Board       
Canadian Imperial Bank of Commerce         
CWB Financial Group
Desjardins Group
Healthcare of Ontario Pension Plan   
Intact Financial Corporation  
Manulife         
National Bank Financial        
Ontario Municipal Employees Retirement System (OMERS)          
Ontario Teachers’ Pension Plan        
PSP Investments        
Royal Bank of Canada
Scotiabank
Sun Life
TD Bank Group         
The Co-operators Group        
University Pension Plan         
Vancity          

Also in attendance was the Official Sector Coordinating Group, made up of:

Alberta Securities Commission
Autorité des marchés financiers
Bank of Canada
British Columbia Financial Services Authority
British Columbia Securities Commission
Environment and Climate Change Canada
Finance Canada
Financial Services Regulatory Authority of Ontario
Office of the Superintendent of Financial Institutions
Ontario Securities Commission

Related links

Canada launches Sustainable Finance Action Council
Sustainable Finance