For a likely, although not certain, chance of limiting global warming to 2°C, the total remaining global carbon budget is 800 gigatons of carbon dioxide. This represents five percent of global fossil fuel reserves and a fraction of proved and probable reserves disclosed by energy companies. On June 21, 2017, in Toronto, Canada, the Centre for International Governance Innovation hosted a meeting, The Pathway to a Green Finance Road Map: Disclosure, Risk and Opportunities to Scale Up Green Finance in Canada. Meeting participants included private sector representatives from pension funds, insurance companies and asset management companies. Also present were representatives of civil society and financial sector regulators, as well as federal and provincial public sector officials and advisers. International participants included representatives from the EU High-Level Expert Group on Sustainable Finance, the UNEP Inquiry and China’s Green Finance Committee. Canadian private sector financial leaders concluded that there is an urgent need for the Government of Canada to engage them to establish a Canadian Sustainable Finance Taskforce (CSFT). The CSFT would establish a plan on sustainable finance that positions Canada to be a leader, and that reflects both domestic priorities and international opportunities for transitioning to a low-carbon and sustainable economy and attaining Canada’s climate change goals.
The Pathway to a Green Finance Road Map: Disclosure, Risk and Opportunities to Scale Up Green Finance in Canada