The signatories agreed to strengthen the integration of ESG components into their internal operations, processes and practices, as well as their disclosure and transparency. The statement also pledged to develop local expertise in sustainable finance and investing, including supporting locally developed sustainable finance products and services, and fostering the growth of funds managed by locally established managers with responsible investment expertise.
“To support the implementation of Canada’s commitment to the Paris Agreement and add to the momentum of the 2017 Investor Declaration on Financial Risks of Climate Change, we need to leverage the resources, the expertise and local infrastructure at our disposal and thus strengthen Quebec’s positioning as a leader in the Americas in this transition, ”the press release said.
The Quebec Financial Center for Sustainable Finance released this statement as the first Finance Montreal Sustainable Finance Summit kicked off on Monday. Finance Montreal said it will monitor the implementation of the initiatives.
“We are facing a climate emergency. We must act together to accelerate the transition to a low-carbon economy, ”Desjardins President and CEO Guy Cormier said in a press release. “These commitments, combined with our ambitious action plan to achieve net zero emissions by 2040, will help to Quebec and Canada meet their provincial and federal greenhouse gas emissions reduction targets.
Laurent Ferreira, chief operating officer of National Bank, who is also president and appointed CEO, said the bank plans to allocate $ 5 billion in assets to local fund managers by 2025 for stimulate activity, innovation and the recruitment of talents in sustainable finance.
“Both our customers and our employees are concerned about the environment, poverty and social exclusion, and that is why we want to do even better,” he said.