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Canada’s housing market has good reason to be rising despite 4.5 percentage points of Bank of Canada interest rate hikes since March last year.
Canada’s big banks have been incorporating climate considerations into the core of their operations, but are starting to get nervous about the legal and reputational risks stemming from commitments made to global climate-related coalitions they voluntarily joined.
As Canada’s financial authorities work to help their sector develop climate policies meant to mitigate impacts on the economy and financial system, the “cure” could be worse than the potential climate-related risks themselves, an economist says.
To begin to access the trillions of dollars needed to transition to green energy, policy-makers are increasingly justifying climate change as a threat to the financial system and using regulation to steer funding away from fossil fuels.
