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Bank of Montreal
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Close 2021-06-03 C$ 128.57
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Globe says TD, rivals hear climate looms large at OSFI

2021-06-04 07:53 ET - In the News

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

The Globe and Mail reports in its Friday edition that Canada will soon have a new top financial watchdog and the successful candidate will be more of a climate cop than ever before. The Globe's Jeffrey Jones writes that the Office of the Superintendent of Financial Institutions has been consulting with the industry and sketching out plans to calculate the risks of moving the country to net-zero carbon emissions -- or failing to do so. OSFI boss Jeremy Rudin is stepping down this month. A burning question is how much pressure the new boss will apply on lenders to up their games when it comes to documenting and reducing CO2 emissions. OSFI's European counterparts have taken a get-tough approach with banks and insurers when it comes to accounting for emissions, and it appears the U.S. is following suit. In Canada, there is little chance of meeting the goal for cutting emissions without the financial industry doing more heavy lifting. The new boss will be taking the helm as the really hard work gets started to achieve a newly toughened national goal of reducing CO2 emissions 45 per cent from 2005 levels by 2030. The federal Liberals have acknowledged that not all the plans for getting there are in place.

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