EJQ3 - Winter 2025 - Journal - Page 48
clear, comparable climate reporting requirements for business that are
closely aligned with international standards. Canada needs to move urgently in this direction if we want to keep up in the global race for climate
capital.
How do you think the new administration in the United States will impact the North American market and opportunities for continued and
collaborative growth?
Policy and regulatory signals are the primary drivers for the 昀椀nancial sector to pursue sustainable 昀椀nance. Mixed signals will likely lead to reduced
action by private actors, who may adopt a wait-and-see approach.
The political transitions in the U.S. are likely to have an impact on the North
American market. For instance, the continuity of the ‘Joint Statement of
Policy and Principles for Responsible Participation in VCMs’ released by the
Biden-Harris Administration is no longer guaranteed under the new administration. The U.S. Securities and Exchange Commission’s climate disclosure rules, already delayed by legal action, could be rescinded.
From their previous record and campaign promises, a substantial shift
away from climate-related policies can be expected from the new admin-
“Theanswerisnottogiveuponsustainable昀椀nancebuttoprovide
clarityandrigorousstandardsandtransparencymeasures.”
istration. However, despite anticipated policy changes, continued corporate commitments, renewable energy’s competitiveness, and substantial
actions by states and local governments can continue to support climate
actions.
The climate crisis isn’t going away. Progress on Canada’s own sustainable
昀椀nance framework will position this country to remain competitive and
attract investment.
What are your thoughts on how states such as Texas and provinces such
as Alberta can transform their oil & gas industries into low-carbon competitors?
In the short-term, it means tackling the high emissions from oil and gas
production, which account for a third of Canada’s greenhouse gas emissions and are defying the national trend towards lower absolute emissions in other sectors. This will require investments in carbon capture and
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