Panel report calls for climate-driven refit of financial sector [Toronto Globe and Mail (Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Toronto Globe and Mail
Panel report calls for climate-driven refit of financial sector Canada’s banks and other financial institutions need to overhaul their business practices to reflect the challenges and opportunities posed by climate change, a federal advisory panel said in a report on Friday. As part of that, the financial sector needs to step up its support for efforts by the oil and gas industry to invest in technology that reduces its greenhouse gas (GHG) emissions, and to demand that companies fully disclose in their financial reports the risks and opportunities that will arise from global warming, the report concluded. Chaired by former Bank of Canada deputy governor Tiff Macklem, the four-person panel said the country’s financial sector has fallen behind those of other countries in preparing for the transition to a lower-carbon economy and the weather-related effects of climate change. With investors increasingly focused on climate-related risk and opportunities, immediate and sustained action is
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