Statement from Julie Segal, Senior Program Manager, Climate Finance
Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People – Canada finally has an all-star team of firefighters ready to tackle the biggest gap in Canada’s climate plan: private finance. We must shift private finance into green opportunities and away from climate pollution. Canadian banks and pension funds are the worlds’ largest investors in fossil fuels, which puts our savings and a safe climate at risk, and causes Canada to miss out on opportunities in the green economy. Regulation is the essential solution to mobilize the financial sector for a safe climate and a functioning, more affordable economy.
The cross-party support for this motion from the Liberals, NDP, Bloc, and Greens is groundbreaking. This team needs to work together to deploy the tools at their disposal and require all financial institutions to cut emissions from their investments in half by 2030. This motion should mobilize the government to deliver concrete next steps, including: encouraging OSFI to require credible climate transition plans within the next year, bringing into law a Taxonomy of truly green activities, and ensuring crown corporations like our public pensions reduce emissions in line with Canada’s stated targets.
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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