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Defining Green & Transition Finance in Canada
CSA Group is currently leading the development of a Canadian definition of Green and Transition Finance. This work was initiated based on the recommendations put forward in the Government of Canada’s Sustainable Finance Interim Report issued in 2018.
This new program will include the following major tasks:
1. Develop an Express Document to set a definition for In Transition activities in Canada
Currently under development with an expected delivery in mid-2020.
2. Develop a National Standard of Canada for Green and In Transition Taxonomy
Targeted completion, no later than the end of 2020.
3. Manage a harmonized Mirror Committee to ISO TC 322 to enable Canadian participation in the development of International Sustainable Finance standards
Ongoing until September 2022.
Who should be aware of Green and Transition Finance?
When developed, a number of stakeholder groups in Canada will benefit from the development of Green and In Transition financial products.
• Companies in Canada undertaking transition-oriented activities (e.g. reducing emissions and their environmental footprint while advancing new technologies).
• Current and potential investors in Canadian companies who require assurance that their investments are responsible.
• Canadian financial institutions seeking a more accurate reflection of the Canadian energy and natural resource sectors on the international stage.
Green & Transition Finance in Canada Today
The existing and proposed green finance taxonomies are not appropriate for Canada. If a Canadian standard is not developed, Canadian companies will have no option but to use green principles and protocols that currently do not recognize the unique characteristics of Canada’s economy, industry and physical geography. It is also possible that several Canadian sectors would be penalized under alternative green principles and protocols.
CSA Group’s Committee for Green & Transition Finance
The CSA standards development process combines rigor with a transparent, balanced consensus-based approach that integrates feedback from a range of stakeholders and draws on the expertise of technical experts and volunteer subject matter experts.
National Standards of Canada are developed by a Technical Committee comprised of a balanced matrix of experts across all relevant interest groups. The Committee for the development of this standard includes representatives from Canada’s financial sector (including the major banks), natural resource sectors, government and related industry stakeholders.
Environment and Natural Resource Standards
Please visit our Environment and Natural Resources page to view our current portfolio of standards.
If you require more information on this topic, please contact [email protected]
For media enquiries related to Sustainable Finance, please contact [email protected]
February 21, 2020
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