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ARTICLE · 18 APRIL 2022

Canada To Impose Mandatory Climate Disclosures On Banks And Insurers

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On April 7, 2022, the federal government of Canada released its Budget 2022 (Budget), which includes significant measures by the Canadian government to build its Net-Zero Economy and to fight climate change.

United StatesEnvironment
Mark Uhrynuk
Mark Uhrynuk
Joey C.Y. Lee
Joey C.Y. Lee
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On April 7, 2022, the federal government of Canada released its Budget 2022 (Budget), which includes significant measures by the Canadian government to build its Net-Zero Economy and to fight climate change. In the Budget, the Canadian government is committed to move towards mandatory reporting of climate-related financial risks across a broad spectrum of Canadian economy, based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. The new reporting requirements will be applicable to, among others, federally regulated banks and insurers, which "play a prominent role in shaping Canada's economy" – as noted in the Budget.

Highlights of this initiative include:

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