Expert Panel on Sustainable Finance

The Government of Canada in April 2018 appointed created the Expert Panel on Sustainable Finance. The four person Panel — Tiff Macklem, Kim Thomassin and Barbara Zvan, Andy Chisholm — released its Final Report in June 2019.


Tiff Macklem

Kim Thomassin

Barbara Zvan

Andy Chisholm

What is Sustainable Finance?

In its interim report, the Panel defined ‘sustainable finance’ as: Capital flows (as reflected in lending and investment), risk management activities (such as insurance and risk assessment), and financial processes (including disclosures, valuations, and oversight) that assimilate environmental and social factors as a means of promoting sustainable economic growth and the longterm stability of the financial system. The conditions for sustainable economic growth are to meet the needs of the present without compromising the future.

Panel member Barbara Zvan, in her interview with Pivot Magazine, described sustainable finance as: "Trying to get mainstream finance to help us with the transition to a low-carbon economy.”


Expert Panel Members, Final and Interim Reports

The Expert Panel on Sustainable Finance presented its final report on June 2019. The panel consulted with members of the business community about the opportunities associated with sustainable finance. It also explored the opportunities and challenges for companies facing voluntary standards for corporate disclosure of the financial risks associated with climate change. The panel members were:


    • Tiff Macklem, Dean, Rotman School of Management and member of the Board of Directors, Scotiabank
    • Kim Thomassin, Executive Vice-President, Legal Affairs and Secretariat, Caisse de dépôt et placement du Québec
    • Barbara Zvan, Chief Risk and Strategy Officer, Ontario Teachers’ Pension Plan, Member of the Board of Directors of Cadillac-Fairview, and member of the Board of Directors, Global Risk Institute
    • Andy Chisholm, member of the Board of Directors, Royal Bank of Canada


Read More about the Expert Panel including its final and interim reports

Op-Ed by Panel Members

Canada must accelerate innovation, transparency and market access to win capital back

Dean Tiff Macklem, Andy Chisholm and Barbara Zvan, The Globe & Mail, June 17, 2019

It’s time for sustainable finance to go mainstream

Barbara Zvan and Kim Thomassin
September 5, 2019
Benefits Canada

Interviews with Panel Members


How to achieve Sustainable Finance

Interview with Dean Tiff Macklem, Money FM 89.3, Singapore, April 30, 2019


Road to sustainable finance goals a long game, not a sprint

Interview with Dean Tiff Macklem, BNN Bloomberg, June 14, 2019


Webinar: Sustainable Finance Expert Panel Report

With Andy Chisholm, Smart Prosperity Institute, June 20, 2019

Podcast: How to Finance a Green Canadian Economy?

From ARC Energy Research Institute with Barbara Zvan, June 21, 2019


What is sustainable finance—and what does it mean for your company?

Pivot Magazine interview with Barbara Zvan, July 4, 2019


Sustainable Finance

CBC Radio The House Interview with Barbara Zvan and Andy Chisholm
July 5, 2019 (35:30 into the clip)


Global update on the future of sustainable finance

Responsible Investor Webinar with Barbara Zvan
September 5, 2019


Podcast: Pipelines and Turbines

Barbara Zvan discussed the role of finance in the low carbon transition and the sustainable finance panel.
February 16, 2020

Additional Media Coverage


Canadian companies must disclose climate change risks

Wealth Professional, January 17, 2019




Green Central Planning

National Post, June 25, 2019


We must empower sustainability

The Winnipeg Free Press, June 26, 2019


Swiss insurance giant divests from the oilsands

National Observer, June 27, 2019


A rapid energy transition? No way

National Post, June 29, 2019



OTPP and NYSCRF on Climate Change

Pension Pulse. July 2, 2019


The Rise Of Smart Sustainability: Size

Seeking Alpha, July 4, 2019


Canada must prioritize climate-risk disclosure

The Globe & Mail, July 22, 2019



Major job losses with climate change: report

HR Reporter, September 3, 2019