Financial institutions call on publicly traded companies to improve climate change risk disclosure

By The IJ Staff | October 26 2017 11:30AM

Thirty Canadian and international financial institutions and pension funds jointly issued a  Declaration of Institutional Investors on Climate-Related Financial Risks. This declaration calls on publicly traded companies in Canada to improve disclosure on their exposure to climate change risks, and what they are doing to manage them.

These thirty organizations represent approximately CAD $1.2 trillion of assets under management, said an announcement issued by Finance Montréal Oct. 26. The document is also supported in principle by 13 organizations.

The declaration signatories say they aim to work with publicly traded companies in Canada to help them mitigate their climate change risks. They are advocating for other economic and financial institutions “to join forces in order to stimulate sustainable world economic growth, while reducing their environmental impact.”

Adapted to the realities of climate change

"This declaration, which was led by Finance Montréal's Responsible Investment work group, reflects the initiative shown by financial institutions. With more information at their disposal, investors will be able to better assess all the risks faced by their investment portfolios and design investment strategies that are adapted to the realities of climate change," said Louis Lévesque, Chief Executive Officer, Finance Montréal. "This is a positive development for the financial industry in Quebec and Canada, and keeps us aligned with global trends."

The declaration and full list of signatories is available here. The declaration remains open to new signatories who wish to endorse it, says Finance Montréal.

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