Stephane Tardif, the banking watchdog’s managing director for climate risk, said he has been disappointed to see institutions pull back from climate pledges they once championed because the geopolitical winds have shifted. (The Logic)

Talking point: Speaking on a panel at the Sustainable Finance Summit in Toronto on Monday, Tardif said he was shocked that the Office of the Superintendent of Financial Institutions (OSFI) was the only regulator in North America to have adopted a set of international sustainability standards. He stressed that OSFI has only issued guidance, and never required institutions to adopt net-zero targets, disclose emissions or join global climate alliances. “Institutions did that on their own for many years,” he said. Many financial institutions are now urging OSFI to pull back on its climate commitments, Tardif said. He argued it would be “the worst thing to do” for the resilience of the financial system.

Sponsored Content

The real-world economic offshoots of sovereign AI

By Deborah Aarts

Increasing healthcare access across Canada

By Deborah Aarts

What it takes to lead a frontier firm

By Deborah Aarts

Paid promotional content