This Final Report – Mobilizing Finance for Sustainable Growth – presents a package of practical, concrete recommendations focused on spurring the essential market activities, behaviours and structures needed to bring sustainable finance into the mainstream in Canada. If Canada is to meet its long-term objectives, sustainable finance must become, simply, finance. In other words, climate change opportunity and risk management need to become business-as-usual in financial services, and embedded in everyday business decisions, products and services.
The Panel presents 15 recommendations for achieving this goal, which include the use of blended finance models to mobilize private investment in areas of startegic priorities.
The Panel's recommendations are as follows:
- Recommendation 1: Map Canada’s long-term path to a low-emissions, climate-smart economy, sector by sector, with an associated capital plan.
- Recommendation 2: Provide Canadians the opportunity and incentive to connect their savings to climate objectives.
- Recommendation 3: Establish a standing Canadian Sustainable Finance Action Council (SFAC), with a cross-departmental secretariat, to advise and assist the federal government in implementing the Panel’s recommendations.
- Recommendation 4: Establish the Canadian Centre for Climate Information and Analytics (C3IA) as an authoritative source of climate information and decision analysis.
- Recommendation 5: Define and pursue a Canadian approach to implementing the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
- Recommendation 6: Clarify the scope of fiduciary duty in the context of climate change.
- Recommendation 7: Promote a knowledgeable financial support ecosystem.
- Recommendation 8: Embed climate-related risk into monitoring, regulation and supervision of Canada’s financial system.
- Recommendation 9: Expand Canada’s green fixed income market, and set a global standard for transition-oriented financing.
- Recommendation 10: Promote sustainable investment as ‘business as usual’ within Canada’s asset management community.
- Recommendation 11: Define Canada’s clean technology market advantage and financing strategy.
- Recommendation 12: Support Canada’s oil and natural gas industry in building a low-emissions, globally competitive future.
- Recommendation 13: Accelerate the development of a vibrant private building retrofit market.
- Recommendation 14: Align Canada’s infrastructure strategy with its long-term sustainable growth objectives and leverage private capital in its delivery.
- Recommendation 15: Engage institutional investors in the financing of Canada’s electricity grid of the future.