More fundamentally, we hope that scenario analysis will help financial institutions better understand their exposures to transition risks, and this will increase their confidence in their ability to disclose them. In summary, we are committed to working with the financial sector to promote resilience to climate change and a smooth transition to low-carbon growth.
Last month, the Task Force for Climate-related Financial Disclosures released its third status report. It had good things to say about Canada and our country’s support for implementing its recommendations. But, to be frank, we all need to pick up the pace.