Bank of Canada Governor Tiff Macklem is pictured in Ottawa on Dec. 13, 2021. A Bank of Canada and Superintendent of Financial Institutions report recognizes that climate change looms as a potentially large structural change affecting our economy and financial system but remains silent on the other half of the problem: our current financial system fuels the climate crisis, writes Sen. Rosa Galvez.Our way of life has pushed the current system to its limits.
The global demand for material resources is expected to double by 2060, causing environmental damage, an increase in greenhouse gas emissions and an increase in the production of waste and associated pollution. The financial sector labeled this pollution “externalities” without providing efficient means to deal with it. Yet, this same sector holds enormous power regarding how sustainability and environmental destruction are financed.Enjoy unlimited website access and the digital newspaper.
SenRosaGalvez NO. Stop extraction, use & export of fossil fuels. Ensure climate is fixed. Then fix finances. Fix socio-economy