{"id":48292,"date":"2025-04-16T09:53:57","date_gmt":"2025-04-16T13:53:57","guid":{"rendered":"https:\/\/environmentaldefence.ca\/?p=48292"},"modified":"2025-04-16T10:05:29","modified_gmt":"2025-04-16T14:05:29","slug":"federal-parties-report-positions-on-climate-related-policies-for-financial-institutions-ahead-of-election","status":"publish","type":"post","link":"https:\/\/environmentaldefence.ca\/2025\/04\/16\/federal-parties-report-positions-on-climate-related-policies-for-financial-institutions-ahead-of-election\/","title":{"rendered":"Federal Parties Outline Climate Policy Stances for Financial Sector Before Election"},"content":{"rendered":"

\u00a0<\/span>Some federal parties prioritize accountability over the financial sector on climate change<\/span><\/i><\/p>\n

Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People –
\nToday, environmental groups have released responses to a <\/span>survey<\/span><\/a> sent to federal parties’ on their plans to integrate climate action into Canada’s financial system.<\/span><\/p>\n

The questions ask about aligning the financial system with climate action and resilience, and ensuring that financial sector rules are guided by climate expertise and the long-term good of Canadians rather than by short-termism. Three parties answered yes to both questions (the Bloc Qu\u00e9b\u00e9cois, the Green Party, and the New Democratic Party). The Liberal Party did not select yes or no and provided a comment instead. No response was received from the Conservative Party.\u00a0<\/span><\/p>\n

Canada needs a set of rules to ensure that the financial sector is aligned with Canada\u2019s climate commitments. Canadian financial institutions face significant risks from climate damages and are significant financiers of the climate-polluting oil and gas industries.<\/span><\/p>\n

Polling shows that Canadians want accountability over the financial sector and its interactions with climate change.\u00a0<\/span><\/p>\n

Climate disasters already drive up insurance premiums and mortgage costs, while retirement savings in pension funds are at risk of losing their value due to professional fund managers moving too slowly on the energy transition. Climate-related financial rules are solutions for affordability and long-term economic security, and voters deserve to understand how federal parties would address climate-related financial issues.<\/span><\/p>\n

Julie Segal, Senior Manager of Climate Finance at Environmental Defence says:<\/b> \u201cFinancial institutions remain underregulated when it comes to how they contribute to climate change and how they manage the related risks. People\u2019s lives are intimately affected by the decisions made by their banks, pension funds, and insurance companies. The next government must ensure the financial system in Canada works in the long-term best interest of Canadians, and that means acting in a way that mitigates climate change and builds resilience to its risks.\u201d<\/span><\/p>\n

Karine Peloffy, Lawyer & Sustainable Finance Lead at Ecojustice <\/b>says<\/b>: <\/b>\u201cWhile our global peers are building competitive, climate-resilient economies, Canada risks falling further behind \u2014 held back by outdated financial policies that ignore the perils of climate change. As we brace for economic, political, and climate storms, our next government must meet the moment with leadership that is not only courageous, but strategic and forward-looking. Future-proofing our financial system is no longer optional \u2014 it’s necessary to ensure economic stability, maintain a competitive edge, and safeguard public interest from the growing costs of climate change. We are counting on the next federal government to put forward climate-aligned finance legislation that bolsters our financial system into one that works for us, not against us.\u201d\u00a0<\/span><\/p>\n

Background:\u00a0<\/b><\/p>\n