The context in Canada The severity of the global economic and financial crisis meant that the recession it triggered in Canada was different from any other postwar recession. Canada experienced a particularly deep contraction of investment and exports, as business confidence plummeted along with global demand.
As such, the BSP is actively collaborating with government agencies and regulators through the Interagency Technical Working Group on Sustainable Finance or what we call the “Green Force” to form a cohesive action plan to institutionalize and accelerate the growth of sustainable finance. Data shows that 24 percent or 119 out of 499 banks have adopted their respective sustainable transition plans.