There was no consensus on climate-related financial risk at the Group of Twenty (G20) meeting of central bankers and finance ministers in March 2017, and the final communiqué did not mention climate change or the Paris Agreement. US President Donald Trump has since announced his intention to withdraw from the Paris Agreement; therefore, the phase I report from the Task Force on Climate-related Financial Risk Disclosures may not be welcomed at the G20 summit in July. As a result, G20 finance ministers must assure governance of this agenda through interconnected national high-level expert groups. Canada’s financial institutions including asset owners and asset managers have the capacity to move swiftly to contribute to a platform for international collaboration on climate-related financial risk and green finance opportunities.
Can Canada Step into the Breach? Addressing Climate-related Financial Risk and Growing Green Finance
CIGI Policy Brief No. 110