Most Cdn business media coverage around Biden has focused on Keystone. But that misses major shifts taking place in US/globally on climate risk disclosure, which will have far bigger impacts on Cdn economy/regulatory regime than the fate of a single project (thread)
Canada has been slow walking the last few years when it comes to requirements on climate risk/corporate disclosure. Organizations continue to underestimate how quickly the landscape can shift. Consider what’s happened since Monday, following election being called for Biden.
NYT reports Biden administration preparing Day 1 executive order mandating public companies to disclose on climate risk nytimes.com/2020/11/08/cli…
UK announces that TCFD reporting will become mandatory by 2025, most work done by 2023. NZ was the first to lay out a mandatory requirement, but UK’s goes farther in terms of coverage lexology.com/library/detail…
CEO of BlackRock, world’s biggest asset manager, endorses UK moves and calls for US to do the same reuters.com/article/us-cli…
US Federal reserve for first time names climate change as a key financial risk. Bank of Canada did it in 2019. reuters.com/article/us-usa…
Fed Governor Lael Brainard, considered a frontrunner to be Biden’s Treasury secretary, issued a statement in support, urging better identification, assessment and management of climate risk in the financial system federalreserve.gov/publications/b…
Follows SEC Commissioner who delivered speech day after US elxn: to fully understand climate risk, US banks should be required to disclose Scope 3 emissions. Not ‘disclose if relevant.’ They need to do it. Far beyond anything considered in Canada. sec.gov/news/speech/le…
Fed Reserve vice chairman announces the Fed has formally applied to join the NGFS and is waiting for their application to be accepted bloomberg.com/news/articles/…
Many Cdn companies already well positioned, experience in disclosing climate risk. But only 1/5 Cdn big banks has committed to align with net zero. And many Cdn utilities, REITs, transpo, manufacturing companies have a long way to go in producing solid climate disclosure
Feds will be following all moves out of the US closely. Will likely require action by Min of Finance @cafreeland to show Canada intends to align with US. OSFI has been silent but pressure will build for them to state if/how they'll align
OSFI's 2019-2022 strategic plan does not have a single mention of the phrase 'climate change.' There is one reference to 'climate'. this is it:
Given all this, expect updates from Bank of Canada and OSFI on where they're at on climate before end of year, and other Cdn banks to make more aggressive climate commitments to get ahead potential of shareholder resolutions in spring 2021 #climatechange#sustainablefinance
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The pace + scale of transition related to #climatechange that is taking place globally is massive. To get a sense of how quickly things are changing, during the 41 day Canadian election campaign, here’s what happened around the world (thread) #cdnpoli

Guess who is 10! Happy birthday, Burrard bridge bike lane: today marks 10 years since the Burrard Bridge bike lane opened. Let's take a casual bike ride back through time and look at the calm, nuanced media commentary that greeted the plucky bike lane in 2009 #vanpoli
Quick refresher: 6 car lanes on the Burrard bridge went down to five, to enable separated bike lanes to keep people from falling into traffic. Months of media hysteria that it would be a complete disaster. it would fail within days! #vanpoli
Political opponents tried to get 'Gregor's gridlock' to become a catchy slogan (lasted about as long as 'who let the dogs out'.) Radio pundits predicted Mayor and Vision would be trounced in next election. Nobody bikes! It rains! Social engineering! Radical green agenda! #vanpoli