Canada faces significant financial risks if net zero equities delay

Canada faces significant financial risks if net zero equities delay

The report examined three “plausible but intentionally adverse” transition scenarios, with the 2019 climate guidelines as the baseline. Canada is the world’s fourth-largest oil producer and has the highest emissions per barrel among major oil nations, according to consultancy Rystad Energy. Canada has committed to achieving net-zero emissions by 2050. read more Progress with climate-related disclosures is hampered by poor and inconsistent reporting standards, said the financial institutions, which are in the early stages of risk analysis.

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The pilot study, which looked at various climate risk scenarios, found Canada’s economy will undergo “significant structural changes” to meet climate targets, made more difficult by its large carbon-intensive sectors. If actions are delayed and “there’s a sharper policy reaction down the road, (it) will impose more transition risk on the economy and the financial sector,” Bank of Canada Deputy Governor Toni Gravelle told reporters.

Register now for FREE unlimited access to Reuters.com Register The pilot began in late 2020, and participants assessed the credit and market risks posed to their balance sheets by the climate transition. Participants included Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), and insurers Manulife Financial Corp , Sun Life Financial (SLF.TO), Intact Financial Corp (IFC.TO) and the Co-operators Group.

The agency’s focus for the short term will remain risk management by financial institutions, he said. Any requirement for extra capital beyond that will depend on the effectiveness of firms’ risk management measures, he added. “There’s much to be done to get to the level of quality in evidence to drive prudential decisions like capital requirements,” Ben Gully, assistant superintendent at OSFI, told reporters on a conference call.

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