TORONTO – Bank of England governor Mark Carney is in Toronto today along with Environment Minister Catherine McKenna to discuss the implications of climate change initiatives for the financial sector in Canada and the world.
There has been emerging government and investor pressure for reduced emissions – and the evolution towards a low-carbon global economy – that could create significant risks and opportunities for Canada’s financial sector.
Carney has emphasized the importance of ensuring that the financial system is resilient so that it can adjust and finance the transition to a low-carbon economy efficiently.
Last year, the G20 asked Carney to review how the financial sector can incorporate climate-related issues in corporate reporting.
Carney’s visit comes a day after his surprise announcement to keep Britain’s interest rate on hold at 0.5 per cent.
There were expectations Carney would cut the rate in order to cushion the impact of Britain’s referendum to leave the European Union – known as Brexit – a decision that has reverberated throughout the global economy.