The federal government has announced the creation of an Expert Panel on Sustainable Finance, to be chaired by Tiff Macklem, Dean of the University of Toronto's Rotman School of Management and former Senior Deputy Governor of the Bank of Canada.
The Expert Panel will consult members of the business community about the opportunities associated with sustainable finance. It will also explore the opportunities and challenges for companies facing voluntary standards for corporate disclosure of the financial risks associated with climate change.
Other members of the Expert Panel are Andy Chisholm, member of the Board of Directors of the Royal Bank of Canada, Kim Thomassin, Executive Vice-President, Legal Affairs and Secretariat, Caisse de dépôt et placement du Québec and Barbara Zvan, Chief Risk and Strategy Officer, Ontario Teachers' Pension Plan.
The four panel members are expected to complete their work and provide recommendations to the federal government by the fall of 2018.
"We know that the environment and the economy go hand in hand. Around the world, leading financial markets are paying more and more attention to climate change. Here in Canada, investors want quality information to help manage the risks of climate change and profit from the opportunities that clean growth creates. Better climate information is good news for investors, companies, and Canadians," stated Catherine McKenna, Minister of Environment and Climate Change in an announcement.