Roadmap to Paris-aligned Finance Flows for Canada

Canadian environmental groups have called on the country’s government to adopt a package of measures to align its finance sector with its net zero goals.  A collaborative report from environmental advocacy organisation Environmental Defence, environmental law charity Ecojustice and charitable initiative Shift: Action for Pension Wealth and Planet Health recommends the passing of a number of federal regulations. Collectively the new rules would require a credible climate plan from financial firms, pension funds, insurance companies, federally regulated large corporations and crown corporations, which would be reviewed and approved by regulators, place investment and lending limits on assets that are not aligned with limiting global warming, namely excluding new assets that expand oil, gas, or coal production and “empower” regulators to tackle greenwashing. Julie Segal, Environmental Defence’s Senior Manager Climate Finance, said: “Policy must address how financial flows contribute to, and will be affected by, a warming and volatile world. This roadmap shows how Canada can fill this policy void.”  

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