Insurance Bureau of Canada (IBC) congratulates the Expert Panel on Sustainable Finance (Expert Panel) on releasing its milestone report exploring the challenging, complex, and nascent field of sustainable finance.
The panel’s interim report recommends a process that will provide the time needed to educate and consult with Canada’s financial community on matters that are receiving significant attention around the world.
This report on sustainable finance is about businesses disclosing and managing financial risk, but it is also about the need to be more globally competitive in an era of rapid change. The Expert Panel’s effort places Canada on a more equal footing with China and European Union, who have each completed similar exercises.
The federal government created the Expert Panel in April to consult with Canada’s business leaders, including insurers, on opportunities related to sustainable finance, such as climate-related disclosures. The Expert Panel builds on the work of the international Task Force on Climate-related Financial Disclosures (TCDF), led by Michael Bloomberg. The TCDF was established by the Financial Stability Board and chaired by Governor of the Bank of England, Mark Carney. The TCDF is recognized worldwide for its ground breaking work to develop recommendations on climate-related information that companies can voluntarily disclose to help investors, lenders and others make sound financial decisions.
“Investors require a financial framework that elevates investor awareness and lowers our collective risk in this era of an unpredictable, changing climate. 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.”
– Don Forgeron, President and CEO, IBC
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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 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 www.ibc.ca