The Globe and Mail reports in its Wednesday, Feb. 10, edition that Bank of Canada Governor Tiff Macklem has "green" credentials, particularly his chairing of the federal Expert Panel on Sustainable Finance, which in 2019 recommended Canadian financial institutions revamp their business practices to address the challenges of climate change.
The Globe's guest columnist Cameron French writes that there are signs that the hoped-for sustainability shift is happening at the BOC. Manifest Climate adviser Kevin Quilan says: "I would say that [Mr. Macklem had] spoken more about climate change in seven months than the previous governor did in seven years. He has spoken about wanting to have the bank play a bigger role internationally in terms of the organizations that are working on climate finance."
The BOC recently announced a pilot with the Office of the Superintendent of Financial Institutions to examine how various climate change scenarios would affect the country's banks and insurers. Some companies that have signed on include major industry players such as the Royal Bank of Canada, Toronto-Dominion Bank, Manulife Financial and Sun Life Financial. A progress report is expected later this year.
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