Finance
Macklem Urges Canadian Firms to Step Up Urgency on Climate Risks
- Central bank governor delivers remarks on sustainable finance
- Says companies need to act quickly to disclose their exposure
Tiff Macklem speaks during a Bank of Canada news conference in Ottawa on Oct. 28.
Photographer: Sean Kilpatrick/Canadian Press/Bloomberg
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Bank of Canada Governor Tiff Macklem called on the country’s banks and businesses to act more quickly on disclosing their exposure to the risks posed by global warming.
In remarks on a panel organized by the Public Policy Forum, Macklem said it’s a competitive imperative for the country to do a better job at accelerating capital flows to areas that reduce climate risks and minimize potential destabilization from the transition to a low-carbon economy. The governor didn’t comment on current monetary policy.