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Globe says TD, rivals find BOC's Macklem not that green

2021-04-26 07:57 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Monday, April 26, edition that Bank of Canada Governor Tiff Macklem came to the job with a reputation as something of a climate crusader. The Globe's David Parkinson writes that Mr. Macklem is not as green as some had feared. In an interview last week Mr. Macklem insisted that he has no plans to pursue a more activist role for the BOC in the climate fight. He does not intend to follow the lead of the European Central Bank, which is expanding its purchases of green bonds and is considering focusing its corporate-bond-purchase program on green assets, nor the Bank of England, which recently amended its formal inflation-fighting mandate to include an additional objective of supporting the transition to a net-zero-carbon economy. Mr. Macklem said: "There is a clear role for the Bank of Canada in climate change within our existing mandate. We have a mandate to foster a stable and efficient financial system. And, really, that is where we are focusing our efforts. It's really starting with the assessment of climate risks." Mr. Macklem appears to have little if any appetite to get into the business of supporting the carbon reduction by buying green assets.

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