This is an exciting and important time for sustainable finance in Canada with new opportunities for investor leadership across North America and around the world. Political winds are shifting, and with the covid recovery in site and COP26 on the horizon, Canadian banks, pension funds, and financial regulators are all working to better define ESG metrics that will support climate action and build a more resilient world.
The Bank of Canada has joined the Steering Committee of the Network for Greening the Financial System and financial reporting alignment with the G20-backed Task Force on Climate Related Financial Disclosure (TCFD) is in progress. With Tiff Macklem, a noted climate champion, now settled into his new role as Governor of the Bank of Canada, all eyes are on OSFI to bring in more robust climate risk stress testing requirements for Canadian banks. But the US Fed may lead the way with a strong climate mandate in Washington, DC, driving change south of the 49th parallel ahead of Canadian players.
Canada’s pension giants continue to use their influence to push for climate-friendly action across their listed and private holdings but setting portfolio level climate targets remains a challenge. The Canada Pension Plan Investment Board recently overhauled its sustainability policy to urge companies to report in line with the TCFD and the Sustainability Accounting Standards Board (SASB). Will this be enough to set the stage for rapid change in time for COP26 and to address the reputational risks around the ‘S’ in ESG at home and abroad?
The RI Canada 2021 conference will bring local and international leaders together to examine the potential for Canadian investors to respond to systemic risks such as climate change, pandemics, the rise of populist authoritarianism, economic inequality and an accelerating energy transition away from fossil fuels. Participants will debate a wide range of ESG investing themes that have the potential to either reinforce or damage the bottom line for long-term value investors.
Join us for an action packed week from 27 September to 1 October 2021 to learn how Canada’s largest institutional investors and their global peers are adapting their unique investment style to incorporate key ESG risks and opportunities.