{"id":48033,"date":"2025-03-28T10:52:32","date_gmt":"2025-03-28T14:52:32","guid":{"rendered":"https:\/\/environmentaldefence.ca\/?p=48033"},"modified":"2025-03-28T13:42:00","modified_gmt":"2025-03-28T17:42:00","slug":"statement-city-of-toronto-passes-motion-advancing-climate-aligned-finance","status":"publish","type":"post","link":"https:\/\/environmentaldefence.ca\/2025\/03\/28\/statement-city-of-toronto-passes-motion-advancing-climate-aligned-finance\/","title":{"rendered":"STATEMENT: City of Toronto Passes Motion Advancing Climate-Aligned Finance"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Statement by Alex Walker, Program Manager, Climate Finance<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee, and the Wendat \u2013 We applaud the City of Toronto Council for passing a motion advancing climate-aligned finance in the city.\u00a0 We are very pleased to see leadership on sustainable finance from Councillor Paula Fletcher and Councillor Dianne Saxe.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span><a href=\"https:\/\/www.climateobservatory.ca\/wp-content\/uploads\/2024\/10\/BayStreetClimateReport_Oct2024-1.pdf\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">a recent report<\/span><\/a><span style=\"font-weight: 400;\"> from the University of Toronto Climate Observatory, Bay Street financial institutions financed 1.44 billion tonnes of carbon dioxide emissions in 2022. These emissions are driving climate disasters globally, and Toronto is already paying the cost. Flooding in July 2024<\/span><a href=\"https:\/\/www.ibc.ca\/news-insights\/news\/july-flash-floods-in-toronto-and-southern-ontario-caused-over-940-million-in-insured-damage\"><span style=\"font-weight: 400;\"> cost almost $1 billion in insured damages.<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The current moment is a pivotal one for sustainable finance in Canada. As many of our major financial institutions turn their backs on sustainable finance initiatives, the City of Toronto has the opportunity to take a vital leadership role. Toronto\u2019s Bay Street is home to most of the country&#8217;s biggest financial institutions, collectively managing trillions of dollars in assets. The financing decisions made on Bay Street have an outsized impact on Canada\u2019s economy, and therefore on the country\u2019s progress on climate. Ensuring that these decisions focus on building a sustainable and secure economy, not financing more pollution, is vital for Canada.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We would like to congratulate the City Council for their work in moving this forward.<\/span><\/p>\n<p><b>Background Information:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/secure.toronto.ca\/council\/agenda-item.do?item=2025.MM28.37\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2025.MM28.37<\/span><\/a><span style=\"font-weight: 400;\"> was adopted on Thursday March 27th 2025<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This motion would establish Toronto as a Sustainable Finance Hub, require the city to commission a report on best practices from peer cities on partnering with the financial sector on climate mitigation, and require the city to encourage federal and provincial regulators to set ambitious climate-aligned financial regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.toronto.ca\/legdocs\/mmis\/2025\/mm\/comm\/communicationfile-188375.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Letter to Toronto City Council<\/span><\/a><span style=\"font-weight: 400;\"> from Environmental Defence in support of the motion\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2013 30 \u2013<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information or to request an interview, please contact:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alex Ross, Environmental Defence, media@environmentaldefence.ca<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Statement by Alex Walker, Program Manager, Climate Finance Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee, and the&#8230;<a class=\"more-link\"   href=\"https:\/\/environmentaldefence.ca\/2025\/03\/28\/statement-city-of-toronto-passes-motion-advancing-climate-aligned-finance\/\">Read More<\/a><\/p>\n","protected":false},"author":154,"featured_media":48034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[634,2131,2132,628],"tags":[],"class_list":["post-48033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-change","category-climate-finance","category-climate-finance-climate-change","category-press-release"],"acf":[],"yoast_head":"\n<title>STATEMENT: City of Toronto Passes Motion Advancing Climate-Aligned Finance - Environmental Defence<\/title>\n<meta name=\"description\" content=\"Statement by Alex Walker, Program Manager, Climate Finance Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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