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
Climate change should be part of regular savings and investment decisions
Tiff Macklem, The Conversation Canada, July 3, 2019
This article also appeared in Canadian Accountant, July 4, 2019, Guelph Today and other Village Media news sites, July 6, 2019, Smart Water Magazine, July 8, 2019, International Business Times, July 8, 2019, The Winnipeg Free Press, July 10, 2019, The London Free Press, July 13, 2019, Cornwall Standard Freeholder, July 13, 2019, Owen Sound Sun Times, July 13, 2019 and Kingston Whig-Standard, July 16, 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
Risks of climate change call for innovation and decisive policy
Policy Options, January 17, 2019
Canadian companies must disclose climate change risks
Wealth Professional, January 17, 2019
Canada needs clearer rules on disclosing climate risk, advisory group says
The Globe & Mail, February 28, 2019
Global sustainable assets hit $30.7 trillion in 2018 – report
Pensions & Investments, April 1, 2019
Mark Carney and Michael Bloomberg's 'sustainable' scheme to dismantle Canada's economy
Financial Post, April 16, 2019
It’s time to make Canada a leader in sustainable finance
National Observer, April 18, 2019
The Bank of Canada declared climate change a financial risk. Now what?
The Globe & Mail, May 27, 2019
Canada is getting worryingly close to embracing economically destructive 'sustainable finance'
Financial Post, May 30, 2019
Co-operators CEO challenges corporate Canada to ramp up coordinated response to climate crisis
Corporate Knights, June 12, 2019
Canada’s largest companies are changing how they invest because of climate change
The Logic, June 13, 2019
Expert panel aims to recruit the financial sector into the climate fight
Investment Executive, June 14, 2019
To hit environment goals, feds should create 'super' tax credit, report says
The Canadian Press, June 14, 2019
Canada has a lot of catching up to do on sustainable growth, says panel
CBC News, June 14, 2019
Federal panel calls for ‘super’ tax credit for green investments
Advisor.ca, June 14, 2019
Expert Panel on Sustainable Finance did the hard work, now it's up to politicians to find consensus
National Post and other Postmedia outlets, June 15, 2019
Panel report calls for climate-driven refit of financial sector
The Globe & Mail, June 15, 2019
Canada’s financial markets are stunting our growth and undermining our future
The Conversation Canada, June 16, 2019
How to have financial gains while cutting greenhouse gases
The Toronto Star, June 17, 2019
Canada’s Expert Panel on Sustainable Finance gets thumbs up from members of RIA
Insurance Journal, June 17, 2019
Expert panel on sustainable finance recommends super tax deduction to incentivize green savings
Canadian Investment Review, June 18, 2019
Canada's Final Report on Sustainable Finance
Pension Pulse, June 17, 2019
Expert panel on sustainable finance recommends super tax deduction to incentivize green savings
Benefits Canada, June 19, 2019
Canada’s Financial Markets Are Stunting Our Growth and Undermining Our Future
The Motley Fool, June 20, 2019
Canada’s Financial Markets Are Stunting Our Growth and Undermining Our Future
NASDAQ, June 20, 2019
How To Read The European Union's New Guidelines On Sustainable Investing
Forbes.com, June 20, 2019
Climate change is a reality. What should you do with your investments?
The Toronto Star, June 22, 2019
Sustainable finance: three things advisors need to know
Investment Executive, June 22, 2019
Green Central Planning
National Post, June 25, 2019
We must empower sustainability
The Winnipeg Free Press, June 26, 2019
Zurich Insurance to pivot investment away from oil sands
The Globe & Mail, June 26, 2019
Canada sustainable finance panel lays out plan for linking climate objectives to investment plans
Pensions & Investments, June 27, 2019
Swiss insurance giant divests from the oilsands
National Observer, June 27, 2019
A rapid energy transition? No way
National Post, June 29, 2019
Banking sector should help tackle climate change
The Toronto Star, June 30, 2019
Expert panel provides important insights on climate change
The Globe & Mail, July 2, 2019
Ontario court's decision on pollution pricing clears the economic skies
The Globe & Mail, July 2, 2019
OTPP and NYSCRF on Climate Change
Pension Pulse. July 2, 2019
The Rise Of Smart Sustainability: Size
Seeking Alpha, July 4, 2019
Expert Panel on Sustainable Finance warns International investors are leaving Canada
Women’s Post, July 9, 2019
Investors need to know the impact of the climate crisis on businesses
The Toronto Star, July 15, 2019
Canada must prioritize climate-risk disclosure
The Globe & Mail, July 22, 2019
‘Sustainable finance must become, simply, finance,’ says report
CPA Canada, August 13, 2019
Canada’s oil sands producers race to cut carbon footprint
The Globe & Mail, August 23, 2019
Climate crisis puts corporate boards on the hot seat
The Toronto Star, August 25, 2019
Major job losses with climate change: report
HR Reporter, September 3, 2019
A new ranking shows that Canada is home to 10 of the best business schools for the world
Toronto Star, November 16, 2019
10 of the best business schools for the world are in Canada
Corporate Knights, November 20, 2019
The challenges facing former Bank of Canada governor Mark Carney
The Globe and Mail, December 9, 2019
Canada's second largest pension fund gets deadly serious about climate crisis
Toronto Star, December 7, 2019
Twelve people in Ottawa to watch in 2020
The Logic, January 2, 2020
BlackRock's Fink says climate change is a 'defining factor' for companies' long-term prospects
The Globe and Mail, January 14, 2020
With sustainable finance, BlackRock hands Morneau the key to his budget conundrum, but will he take it?
Toronto Star, January 17, 2020
Top executive Barbara Zvan to leave Ontario Teachers' Pension Plan
The Globe and Mail, January 30, 2020
Feds under growing pressure to act on climate finance in next budget
Corporate Knights, February 11, 2020
OSFI: Transition to low-carbon economy will be a 'sharply negative'
The Globe and Mail, February 12, 2020
Bank report card: Three of Big Five banks fail to deliver ethical investment options
Corporate Knights, February 20, 2020
Canada's move to a low-carbon economy will be 'a big adjustment for many industries,' Trudeau tells mining conference
The Globe and Mail, March 3, 2020
Commons committee's top ask for budget is for feds to advance sustainable finance
iPolitics, March 3, 2020
With Canada facing possible recession, Liberals can't afford to shrug off the oilsands
National Post, March 4, 2020
Canada Government Must Move Quickly to Map Flood Risks, Insurers Warn
Insurance Journal, March 5, 2020
Morneau, provinces must apply climate lens to COVID-19 recovery efforts
iPolitics, April 9, 2020