Bank of England governor Mark Carney and Canadian Environment Minister Catherine McKenna are in Toronto to meet with leaders of Canada’s financial sector.
Talks are focussing on the effects of climate change initiatives for both Canada and the world.
Analysts say emerging government and investor pressure for reduced emissions–and the evolution towards a low-carbon global economy–creates both risks and opportunities for Canada’s financial sector.
The G20 has charged Carney, who served as Canada’s central bank governor from 2008 to 2013, to review how the financial sector can incorporate climate-related issues in corporate reporting.
He is stressing the importance of ensuring that the financial system is resilient so that it can adjust and finance the transition to a low-carbon economy efficiently.
On Thursday, in what many saw as a surprising decision, Carney announced he was keeping Britain’s interest rate on hold at 0.5 per cent.
There were expectations he would cut the rate to cushion the impact of Britain’s June referendum to leave the European Union.
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