With the world facing more frequent and more intense severe weather events, and scientists warning that temperatures will continue to warm, the need to address climate change is becoming more urgent, Macklem said.
“We need to position Canada to seize the climate-smart opportunities that consumers, workers and investors are looking for,” he said. “But to mitigate the threat and capitalize on the opportunity, we all need to mobilize. And we need to do it quickly.”
Indeed, climate change is becoming “an immediate bottom-line business issue” for Canadian companies, Macklem said, with consumers increasingly concerned about the footprints of the products they buy and the enterprises in which they invest.
To that point, he said demand for environmental, social and governance (ESG) bonds has exploded in recent years, with Canadian ESG issuances jumping from less than $2 billion in 2017 to almost $13 billion so far this year.
“It’s crucial that Canadian companies can capitalize on these opportunities,” Macklem said.
