Charting a path to a resilient and low-carbon economy

Expert Panel on Sustainable Finance shares road map for Canadian competitiveness

Ottawa, ON (June 14, 2019) – As Canadians from coast to coast have recently witnessed, climate change is already costing us, from wildfires and more intense windstorms to more frequent and widespread flooding. We are not alone. These changes are being felt around the world.

In 2015, 195 nations committed through the Paris Climate Accord to transition to a new low-carbon future. Since then, the European Union, Brazil, China and others have developed a financial road map to ensure they will be competitive in the new world economic order.

Today, after national consultations, the Expert Panel on Sustainable Finance (Expert Panel) published 15 recommendations that provide Canada with a road map to future competitiveness. Insurance Bureau of Canada (IBC) congratulates the four members of the Expert Panel on the depth and breadth of their recommendations and commits to working with government officials and the financial sector in contributing to and shaping the implementation of these recommendations.

The federal government created the Expert Panel in April 2018 to consult with Canada’s business leaders, including insurers, on opportunities related to sustainable finance, such as climate-related disclosures. The Expert Panel builds on the work of the international Task Force on Climate-related Financial Disclosures (TCFD), led by Michael Bloomberg. The TCFD was established by the Financial Stability Board and chaired by Governor of the Bank of England, Mark Carney. The TCFD is recognized worldwide for its ground-breaking work to develop recommendations on climate-related information that companies can voluntarily disclose to help investors, lenders and others make sound financial decisions.

“As Canadians feel the negative financial ramifications of natural disasters, a financial framework that elevates investor awareness and lowers our collective risk in this era of an unpredictable, changing climate is critical,” said Don Forgeron, President and CEO, IBC. “IBC and its members have advocated for, and welcome the development of, a sustainable financial framework, which will be instrumental in transitioning Canada to a resilient and low-carbon economy.”

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.

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Source: Insurance Bureau of Canada (IBC)

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