441-02726 Environment
PETITION TO THE HOUSE OF COMMONS IN PARLIAMENT ASSEMBLED
We, the undersigned residents of Canada, draw the attention of the House of Commons in Parliament Assembled to the following:
Whereas:
Our economic and financial systems depend on a stable climate and the Bank of Canada recognizes that climate change poses significant risks to the financial system and the economy;
Continued financial support for emissions-intensive activities increases future climate-related risks to the stability of financial systems and the long- term interests of Canadians;
There has been no significant legislative action on the matter in Canada despite international developments legislating the climate and finance nexus which risks leaving Canada behind; and
Bill S-243 the Climate Aligned Finance Act was drafted based on consultation with national and international experts so as to enable Canada to leapfrog from laggard to leader on aligning financial flows with climate commitments.
Therefore, we, the undersigned, Citizens and Residents of Canada, call upon the Government of Canada to enact the principal concepts of the Climate Aligned Finance Act which would:
1) Establish a duty for directors and officers of federal financial institutions to align with climate commitments;
2) Align purposes of crown corporations and departments, including market oversight by the Office of the Superintendent of Financial Institutions, with climate commitments;
3) Require the development of action plans, targets and progress reports on meeting climate commitments through annual reporting requirements;
4) Ensure climate expertise on certain boards of directors and avoid conflicts of interest;
5) Make capital adequacy requirements proportional to microprudential and macroprudential climate risks generated by financial institutions;
6) Require a government action plan to align all financial products with climate commitments; and
7) Mandate timely public review processes on implementation progress to ensure iterative learning.
We, the undersigned residents of Canada, draw the attention of the House of Commons in Parliament Assembled to the following:
Whereas:
Our economic and financial systems depend on a stable climate and the Bank of Canada recognizes that climate change poses significant risks to the financial system and the economy;
Continued financial support for emissions-intensive activities increases future climate-related risks to the stability of financial systems and the long- term interests of Canadians;
There has been no significant legislative action on the matter in Canada despite international developments legislating the climate and finance nexus which risks leaving Canada behind; and
Bill S-243 the Climate Aligned Finance Act was drafted based on consultation with national and international experts so as to enable Canada to leapfrog from laggard to leader on aligning financial flows with climate commitments.
Therefore, we, the undersigned, Citizens and Residents of Canada, call upon the Government of Canada to enact the principal concepts of the Climate Aligned Finance Act which would:
1) Establish a duty for directors and officers of federal financial institutions to align with climate commitments;
2) Align purposes of crown corporations and departments, including market oversight by the Office of the Superintendent of Financial Institutions, with climate commitments;
3) Require the development of action plans, targets and progress reports on meeting climate commitments through annual reporting requirements;
4) Ensure climate expertise on certain boards of directors and avoid conflicts of interest;
5) Make capital adequacy requirements proportional to microprudential and macroprudential climate risks generated by financial institutions;
6) Require a government action plan to align all financial products with climate commitments; and
7) Mandate timely public review processes on implementation progress to ensure iterative learning.