The federal government announced that it will create the Sustainable Finance Expert Panel, which will consult with Canada’s business leaders, including insurers, on opportunities related to sustainable finance, including climate-related disclosures.
The Expert Panel builds on the work of the Task Force on Climate-related Financial Disclosures (TCDF), led by Michael Bloomberg, that was established by the Financial Stability Board and chaired by Governor of the Bank of England Mark Carney. The Task Force is recognized worldwide for its ground-breaking work to develop voluntary recommendations on climate-related information that companies can disclose to help investors, lenders, and others make sound financial decisions.
IBC and several insurer CEOs attended a round table with the Minister of Environment, the Honourable Catherine Mckenna, the Minister Finance, the Honourable Bill Morneau and Governor of the Bank of England Mark Carney. The industry encouraged the government to focus its efforts on climate change adaptation. Following the roundtable, the government announced the creation of the expert panel.
“Investors require a financial framework that lowers our risk in an era of unpredictable climate change,” said Don Forgeron, President & CEO, IBC. “IBC and its members have advocated for and welcome the development of a sustainable financial framework, which will be instrumental in transitioning Canada to a low carbon economy.”
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $52 billion.
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If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada