The Globe and Mail CAMERON FRENCH Published February 10, 2021
Sean Kilpatrick/The Canadian Press
When Tiff Macklem took over as Bank of Canada governor in June he brought the requisite credentials in government and academia, including a past stint as deputy governor of the central bank.
But more important to some are his ‘green’ credentials, particularly his chairing of the federal Expert Panel on Sustainable Finance, which in 2019 recommended Canadian financial institutions revamp their business practices to address the challenges of climate change.
Nine months into the job, and despite the dominance the pandemic is having on the economic agenda, there are signs that the hoped-for sustainability shift is happening at the Bank of Canada.
New York State Department of Financial of Financial Services Alerts Regulated Entities Of Opportunity To Receive Credit Under The Ny Cra For Activities Undertaken To Address Climate Change That Benefit Low- To Moderate-Income Communities - Additional DFS Action To Fully Integrate Climate Change Into All Of Departmentâs Programs Date
09/02/2021
The New York State Department of Financial of Financial Services (DFS) issued guidance alerting banking institutions subject to the New York Community Reinvestment Act (the “New York CRA”) that they may receive credit for financing activities that support the climate resiliency of low- and moderate-income (LMI), and underserved communities.
“Climate change is happening now and there is no time to waste in addressing its financial risks. At the same time, climate change disproportionally impacts disadvantaged communities, many of whose members are people of color. DFS is issuing today’s guidance to provide examples of
Eurosystem agrees on common stance for climate change-related sustainable investments in non-monetary policy portfolios
4 February 2021
Eurosystem agrees on common stance for climate change-related sustainable and responsible investment principles for euro-denominated non-monetary policy portfolios
Common stance promotes disclosures and understanding of climate-related risks
Eurosystem aims to start climate-related disclosures for these types of portfolios within two years
The Eurosystem central banks – the 19 national central banks of the euro area countries and the European Central Bank (ECB) – have defined a common stance for applying sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios that they each manage under their own responsibility. The common agreement follows extensive preparatory work within the Eurosystem and has also benefited from the analysis of the Network for Greening the Financial System (NGFS) and is al
How will Biden use his executive power?
Perhaps of greatest symbolic importance will be the US re-joining the Paris Agreement on climate change, which Biden has pledged to do on his first day in office. This act alone will serve as a powerful indication of the growing global consensus behind the decarbonisation agenda.
At a more practical level, there are a number of measures Biden can implement across the power, oil & gas and autos sectors through executive authority. As president, he will have power to reverse a number of rollbacks introduced under the Trump administration.
These include tighter regulations on emissions, particularly on methane and in the oil & gas sector, and on limiting those from the power sector. More aggressive fuel economy standards in the autos sector are also likely.
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Bank of England convenes members of the public and businesses to join the climate change debate 29 January 2021
Source: Bank of England Businesses and the citizens from across the UK have had their say on how the financial sector can help tackle climate change as part of a new Bank of England (Bank) initiative to engage with external stakeholders on climate change. Climate change continues to be a key strategic priority for the Bank, which has an ambitious work programme that ranges from assessing climate-related financial risks of the largest UK banks and insurers through to working internationally with the Network for Greening the Financial System, a network of more than 80 central banks. Its objective is to build a UK financial system that is resilient to the risks from climate change