Climate change threatens 'both the economy and the financial system,' says Bank of Canada

Climate change threatens 'both the economy and the financial system,' says Bank of Canada

Bank of Canada releases its first ever report on climate risks facing nation's financial system

Karina Roman · CBC News

https://www.cbc.ca/news/politics/climate-change-bank-of-canada-financial-system-review-1.5137625

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"These include physical risks from disruptive weather events and transition risks from adapting to a lower-carbon global economy. Economic activity and the environment are intertwined."

The Bank of Canada recently announced it is joining the Network for Greening the Financial System, a worldwide forum of central banks and financial system supervisors looking to better manage the financial risks of climate change. The network launched in 2017.

"And so for two years, Canada has been absent from that international discussion," said Kevin Quinlan, a consultant who focuses on climate change and responsible investment and an ex-chief of staff to former Vancouver mayor Gregor Robertson.

"Countries that have very different economies than Canada's are really setting the agenda ... and that's a real disadvantage for Canada."


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