Introduction
Canada has the means and the opportunity to be among the leaders in the transition to a low carbon economy and an innovator in the global market for green and sustainable growth. In order to get there, the financial services sector must be at the forefront of investment and influence needed to transform the economy as we know it. Conversely, if climate change and the transition to a low carbon economy is not managed well, this could bring about new forms of risk and threaten the very stability of the financial system which is so vital to a thriving economy and society.
This report provides a snapshot of the dynamic and fast evolving approach to climate risk and sustainable finance in the Canadian financial industry through the window of transparency and public reporting.
Industry as well as government, investors and other stakeholders are proactively evolving their response to climate change as they understand more about the risks and opportunities, and this process is expected to remain dynamic and fast changing over the coming decade. This report sheds light on where the Canadian financial industry is today and will help financial firms understand how they are doing relative to others in the industry.