Sustainable Finance Action Council - Sixth Plenary Meeting

March 2, 2023

Meeting Readout

The Sustainable Finance Action Council (SFAC) held its sixth plenary meeting on March 2, 2023, in Toronto. This was its first in-person plenary meeting. The agenda included updates on the state of play of sustainable finance, on Government of Canada priorities, and on regulatory progress, as well as work planning for the Technical Expert Groups (TEGs) and Working Group. 

The SFAC’s service provider PwC Canada provided an update on the broader impact of the SFAC’s progress to date and an outlook for its work ahead.

This was followed by perspectives from Finance Canada and Environment and Climate Change Canada on priorities relating to sustainable finance. Finance Canada thanked the SFAC for its work on disclosure and taxonomy deliverables, and emphasized the importance of work on net-zero capital allocation. Furthermore, Finance Canada indicated that the Department would be publishing the SFAC's Taxonomy Roadmap Report. ECCC noted the importance of improving the availability of climate data and highlighted an increasing focus on nature and biodiversity.

Representatives from the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Securities Administrators (CSA) then provided updates on their respective regulatory initiatives, draft Guideline B-15: Climate Risk Management and Proposed National Instrument 51-107 Disclosure of Climate-related Matters. Both representatives noted high levels of interest in the consultations toward these initiatives. In addition, OSFI highlighted the requirement for transition plans introduced in B-15 and noted that OSFI will be launching a technical group to discuss and brainstorm ideas about how elements from the SFAC's taxonomy recommendations may be integrated into OSFI’s existing regulatory capital framework. As well, OSFI noted that they will launch a new Climate Risk Forum in late spring 2023. The CSA provided an overview of its consideration of the proposals published for comment by the International Sustainability Standards Board and the US Securities and Exchange Commission, and of its planned engagement with the Canadian Sustainability Standards Board.

Finally, leads of the TEGs and the Net-Zero Capital Allocation Working Group (NZCAWG) presented the workplans of their respective groups for discussion by attendees. The Disclosure TEG outlined considerations for the implementation of climate disclosure in Canada, while the Data TEG spoke to challenges to the use and gathering of data and work on forthcoming recommendations. The Taxonomy TEG provided updates on refinements to the governance of the proposed taxonomy, and the NZCAWG presented its completed and planned phases of work to generate recommendations on overcoming barriers in mobilizing private capital to address climate change.

Participating organizations

Also in attendance was the Official Sector Coordinating Group, made up of:

In addition, the following organizations that participated in TEG or NZCAWG work also attended the meeting:

Additional speakers

PwC Canada, a contracted external service provider, also attended the meeting and presented updates on the state of play of sustainable finance. 

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