Now is the time for climate finance leadership from government
Statement by Julie Segal Senior Program Manager, Climate Finance, Environmental Defence
Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee, and the Huron-Wendat – Canadian political leaders must step forward on climate finance and build on OSFI’s new disclosure guidelines. Prime Minister Trudeau and Minister Freeland should set clear rules for the financial sector to ensure investments get in line with 1.5C. Canada’s financial institutions should cut emissions, not just count them – in a sinking boat you have to plug the leaking holes, not just disclose them. Without government leadership to align financial flows with climate targets, our economy risks sinking. Prime Minister Trudeau set climate goals which Canada can only meet if private finance flows in the right direction.
OSFI said it best: “Delaying climate policy action increases the overall economic impacts and risks to financial stability.” In other words, Canadian’s savings are at risk as climate change worsens, and neglecting to set the right rules leaves Canada’s financial system at risk of capsizing.
ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.
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