Statement by Alex Walker, Program Manager, Climate Finance
Toronto | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee, and the Wendat – We applaud the City of Toronto Council for passing a motion advancing climate-aligned finance in the city. We are very pleased to see leadership on sustainable finance from Councillor Paula Fletcher and Councillor Dianne Saxe.
According to a recent report from the University of Toronto Climate Observatory, Bay Street financial institutions financed 1.44 billion tonnes of carbon dioxide emissions in 2022. These emissions are driving climate disasters globally, and Toronto is already paying the cost. Flooding in July 2024 cost almost $1 billion in insured damages.
The current moment is a pivotal one for sustainable finance in Canada. As many of our major financial institutions turn their backs on sustainable finance initiatives, the City of Toronto has the opportunity to take a vital leadership role. Toronto’s Bay Street is home to most of the country’s biggest financial institutions, collectively managing trillions of dollars in assets. The financing decisions made on Bay Street have an outsized impact on Canada’s economy, and therefore on the country’s progress on climate. Ensuring that these decisions focus on building a sustainable and secure economy, not financing more pollution, is vital for Canada.
We would like to congratulate the City Council for their work in moving this forward.
Background Information:
- 2025.MM28.37 was adopted on Thursday March 27th 2025
- This motion would establish Toronto as a Sustainable Finance Hub, require the city to commission a report on best practices from peer cities on partnering with the financial sector on climate mitigation, and require the city to encourage federal and provincial regulators to set ambitious climate-aligned financial regulations.
- Letter to Toronto City Council from Environmental Defence in support of the motion Â
ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.
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For more information or to request an interview, please contact:
Alex Ross, Environmental Defence, media@environmentaldefence.ca       Â
