House of Commons opens study on fossil banks

Today the Environment Committee in Canada’s House of Commons jointly approved a study on the impacts of Canadian financial institutions on climate and the environment. The study plans to call the CEO’s of Canada’s big 6 banks, including RBC CEO Dave McKay, to testify before the House committee.

As the study gets closer civil society groups will be working to ensure proper attention is paid to this study.

The full house of commons motion is here, with the highlights below:

 

It was agreed, — That, pursuant to Standing Order 108(2), the committee undertake a study on environment and climate impacts related to the Canadian financial system, including banking institutions and pension funds under federal jurisdiction;

That this study includes 1) current practices in this sector and 2) an analysis of regulatory and legislative mechanisms the government of Canada could implement to ensure its financial regime aligns with the Paris Agreement and thus, promote the reduction of inherent risks, namely physical and transition risks;

That the committee invite the Expert panel on sustainable finance, international organizations like the Organisation for Economic Co-operation and Development (OECD) and the United Nations, the minister of Finance, the minister of Environment and Climate change, the Governor of the Bank of Canada, the Commissioner of the Environment and Sustainable Development, the CEOs of Canada’s five major banking institutions (RBC, TD, CIBC, BMO, Scotia Bank), Co-operators, experts and other stakeholders;

That the committee hold a minimum of nine meetings and report its findings and recommendations to the House of Commons.