“There has been a transition in thinking. And this is now beginning to be translated into action.” -Mark Carney’s speech, “A Transition in Thinking and Action,” delivered in early April at the International Climate Risk Conference for Supervisors in Amsterdam The Task Force on Climate-related Financial Disclosures (TCFD) recommendations continue to gain support and momentum in […]
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Canadian Securities Regulators Report on Need for Better Climate Disclosure
On April 5, 2018, the Canadian Securities Administrators (the CSA) published CSA Staff Notice 51-354 Report on Climate Change-related Disclosure Project (the Notice). The Notice details the findings of its year-long review of Canadian climate disclosures. It summarizes the current state of climate-related reporting in Canada, discusses perspectives of both reporting companies (issuers) and users (investors, analysts, […]
Keep Calm and Disclose your Climate Change Risks
This Guest Post was Contributed by Mercedes Arango* In the last days, nine investment group leaders, including la Caisse de Dépôt et Placement du Québec (CDPQ), in partnership with UN Environment Finance Initiative (UNEP FI) created a workgroup to promote climate transparency in the financial markets, based on the recommendations of the Financial Stability Board’s (FSB) Task Force […]
Climate Change and the Financial Sector
Awareness and calls to action on climate change in the financial sector have gained significant momentum in the last few years, especially since the 2015 Paris Agreement and related private-sector initiatives. Increasing pressure is being placed on investors, including asset owners, asset managers, and banks due to the influence they have on the companies they own […]
2 Years After Paris Agreement, Support for Climate Disclosure is Surging
The final recommendations of the industry-led Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosure (TCFD) are continuing to gain momentum and attract support from companies, investors, rating agencies, stock exchanges, regulators, governments and others. Companies across sectors are endorsing the recommendations and some are beginning to implement them in their public disclosures. Global asset managers […]
Uneven carbon pricing means guidance needed
CDPQ De-Risks Portfolio and Supports Low-carbon Economy with New Investment Strategy
The Caisse de dépôt et placement du Québec (CDPQ)—Canada’s second biggest pension fund, with more than C$285 billion under management—just announced a new investment strategy to support the targets of the Paris Agreement and contribute to the transition toward a low-carbon global economy. Referencing rapid climate-related policy, technological and market developments, CDPQ has decided to review the […]
Drive for Increased Climate-related Financial Disclosures Continues
Companies can no longer hide their climate risk. The Financial Stability Board (FSB) is helping to standardize the approach to reporting on climate-related risks and opportunities, imploring organizations to identify and strategize around climate issues and tell investors how they are making these determinations. A recent lawsuit against an Australian Bank for inadequate disclosure of climate risks, among […]
Companies can no longer hide their climate risk
Ontario’s First Cap and Trade Auction Brings in $472M
On March 22, 2017, Ontario held its first greenhouse gas emissions allowance auction under the cap and trade program. The results, released earlier this week, proved a strong start to Ontario’s carbon market with 100% of current 2017 vintage allowances being sold at a price of $18.08. The auction generated $472,031,155 in proceeds, an amount consistent with previous estimates that […]