A cross-party group of federal lawmakers is backing a call for climate-focused rules on how Canada’s banks, insurers and pension funds invest their money.
Turnbull held a joint news conference on Thursday, along with MPs from the NDP, Green and Bloc Québécois parties, to highlight a private member’s motioncalling for the government to use “all legislative and regulatory tools at its disposal to align Canada’s financial system with the Paris Agreement.”
But alongside those incentives for green investment, there have also been growing calls for rules aimed at Canada’s financial system. On Thursday, the MPs were joined by Sen. Rosa Galvez, who introduced the Climate-Aligned Finance Act in the Senate last year. But that bill has been stalled at the second-reading stage despiteCAFA would, among other things, impose new climate disclosure rules and require banks and other federally regulated institutions to develop transparent plans to meet federal emissions targets.
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