The climate emergency calls for new energy to debate ambitious ideas and innovative solutions – including ideas for our federally regulated financial institutions, who need to get in line with science and Canada’s international commitments. Instead of debating the best in international financial practices the Senate Committee on Banking, Commerce and the Economy is letting Bill S-243 on Climate Aligned Finance languish.
ORCIE long ago joined over 120 organizations endorsing Bill S-243 as a crucial starting point on how we will invest in a fair and just future for the next generation. We know climate change is risky business for individual companies or for banks, but what about the systemic risk that federal financial institutions impose on the real economy when they are financing fossil fuel expansion?
It’s time to recognize Bill S-243 as a key climate solution and move this bill forward. While many are preparing for COP29 in Azerbaijan, at home in Canada let’s ensure our financial system does not continue to fund activities that are fueling the climate emergency. Watch for upcoming advocacy activities on this file.