The Bank of Canada and the Office of the Superintendent of Financial Institutions are looking to model the risks to the country’s financial system under various climate-change scenarios. (The Logic)
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The Bank of Canada and the Office of the Superintendent of Financial Institutions are looking to model the risks to the country’s financial system under various climate-change scenarios. (The Logic)
Talking point: Some of the country’s largest financial institutions are participating in the study. RBC, TD Bank, Manulife, Sun Life, Intact and The Co-operators Group have all signed up to model the risks to their balance sheets. “With the private sector’s help, we will be able to combine climate analysis with economic and financial data to ensure we have the best information possible to fulfill our mandate,” said Bank of Canada governor Tiff Macklem. The bank plans to publish the findings of its study at the end of 2021. Separately, the OSFI plans to release a discussion paper on preparing for climate-related financial risks in early 2021.
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