OTTAWA/TRADITIONAL, UNCEDED TERRITORY OF THE ALGONQUIN ANISHNAABEG PEOPLE — Today, climate-concerned organizations from across Canada published an open letter to Mark Carney, calling on the newly elected Prime Minister-designate to future-proof the Canadian economy by putting forward climate-aligned finance policy.
The letter, signed by 57 organizations and individuals, calls on Canada’s next Prime Minister to make good on his record of inviting financial actors to the climate problem-solving table and take the necessary next step of championing legislation that legally requires their alignment with a stable, climate-safe future ahead of an upcoming federal election.
The signatories, which include some of the largest environmental organizations in Canada, highlight both Carney’s achievements and lessons that can be drawn from his time at the UN, the Bank of England, and the Bank of Canada. The groups argue that he has had a front row seat to the importance of protecting our nation’s long-term financial stability with strong regulations.
“You were the clarion call for climate action in the financial system, and we need you to once again be the sensible voice,” the letter states. “Dr. Carney, are you willing to stand up to the U.S. administration and regulate our way out of costly unsustainable finance? Will you introduce the necessary incentives to ensure that Canada doesn’t fall further into the “tragedy of the horizon” that sacrifices future generations on the altar of short-term profit?”
The letter highlights that Canada’s Big Six banks continue to lag behind world-leading institutions when it comes to climate alignment — pointing to their recent mass exodus from the UN-backed Net-Zero Banking Alliance pledge, behind which Carney was the driving force.
Groups add that the last few months have put the failures of Canadian banks’ self-regulation on full display: “Our financial institutions have proven the intrinsic limits of self-regulation — making it clear that voluntary commitments will not position Canada to build the strong economy we need to meet the costly threats of climate change, affordability, and disruptive actions south of our border.”
More than a thousand people have already called on leaders of Canada’s federal parties to include climate-aligned finance policy in their respective election platforms.
Karine Peloffy, Sustainable Finance Lead at Ecojustice said: “As Canada braces to weather the literal storms of a changing climate, as well as economic and political storms, we are looking to our next Prime Minister to meet the moment with courage and forward-looking leadership. Dr. Carney himself has warned that Canada is a global laggard on climate-related financial policy. There is an urgent and overdue need to modernize our financial system into one that works for us, not against us. We are counting on Prime Minister-designate Carney to put forward climate-aligned finance legislation that will help Canada leapfrog the U.S. to clean energy and genuinely future-proof our economy.”
Grand(m)others Act To Save The Planet (GASP) agrees that climate change is the “ultimate betrayal of intergenerational equity.” We cannot leave future generations with a massive environmental deficit. That’s why we urge the federal government to pass policies that require all Canadian financial institutions to align their lending and investments with Canada’s climate goals.
Keith Stewart, senior energy strategist with Greenpeace Canada said: “With Canadian banks’ exodus from the UN-backed climate club that Carney helped create, the limitations of relying on banks to do the right thing voluntarily is unmistakable. Just like after the financial crashes of 1929 and 2008, we need governments to step in to save the banks from their own short-sightedness by requiring them to align their lending with our climate goals. This means shifting loans and investments out of fossil fuels and into climate solutions.”
Béatrice Vaugrante, executive director of Oxfam-Québec said: “Oxfam-Québec sees every day the devastating impact of climate change on populations and communities who already face multiple other crises like food insecurity and rising armed conflicts. Mark Carney must ensure that the economic responses from Canada and the provinces are enshrined in genuine engagement for inclusive sustainable finance by reinforcing legislation to oblige banks to act, and committing to Paris agreement and international human rights and humanitarian law so crises stop to expand’’
David Roy, Executive Director of Workshops for Biodiversity said: “Even if forward-thinking financial institutions may be committed to reducing their climate and biodiversity impact, an uneven playing field undermines their efforts. Strong and clear government policies are crucial to ensure that all institutions align with climate goals. Without such regulation, Canada risks prioritizing short-term profits at the expense of long-term stability, threatening both our economy and environment.”
A full copy of the open letter, along with the list of signatory organizations and individuals, is available at: https://ecojustice.ca/open-letter-to-mark-carney-when-our-neighbours-backslide-do-better-and-future-proof-our-economy/
About
Ecojustice uses the power of the law to defend nature, combat climate change and fight for a healthy environment. Its strategic, public interest lawsuits and advocacy lead to precedent-setting court decisions, law and policy that deliver lasting solutions to Canada’s most urgent environmental problems. As Canada’s largest environmental law charity, Ecojustice operates offices in Vancouver, Calgary, Toronto, Ottawa and Halifax.
For media inquiries:
Laura Bergamo, Communications Campaigner, Greenpeace Canada [email protected] ; +1 438 928-5237
Cari Siebrits, Communications Strategist | Ecojustice
(647) 620-1212, [email protected]
