Christine Hogan – Deputy Minister for Environment and Climate Change moderates an international discussion on “Greening the Financial System” in Ottawa
Speakers discussed the impact of climate change on financial systems and the role that financial supervisors and regulators can play.
Toronto Centre’s fireside chat “Greening Finance: Climate Change and its Impact on the World’s Financial System” included discussions amongst international industry leaders on the future of financial systems in a changing climate
OTTAWA, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Toronto Centre hosted a fireside chat event at the beginning of International Development Week (IDW) in Ottawa. Speakers discussed the impact of climate change on financial systems and the role that financial supervisors and regulators can play. Panelists shared their insights from initiatives undertaken within their respective jurisdictions to support the greening of capital markets and the increase of financial system resiliency in a changing climate.
The event was moderated by Christine Hogan, Deputy Minister of Environment and Climate Change Canada. Panelists included: Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB); Nezha Hayat, Chair and CEO of AMMC – Morocco’s Capital Market Authority; and Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank (AfDB).
QUOTES
“Climate risk is an emerging priority for financial policymakers, standard setters, regulators and supervisors, and market practitioners. Toronto Centre is pleased to bring together leaders from the AfDB, AMMC and ECCB to discuss how supervisors and regulators can contribute to addressing this risk to ensure countries’ financial systems remain resilient, stable and inclusive.”
- Babak Abbaszadeh, CEO and President, Toronto Centre
“Our Central Bank is advocating for and facilitating disaster and climate resilience strategies inclusive of early warning systems, incorporation of climate risks in the risk management frameworks of financial institutions, investment in physical and digital infrastructure, and fiscal resilience. Our collaboration with Toronto Centre to build the capacity of our supervisors and regulators to address climate risk in the financial sector is in line with our forward-looking mission.”
- Timothy N.J. Antoine, Governor of the Eastern Caribbean Central Bank (ECCB)
“During the COP 22 held in Morocco in 2016, AMMC took strong engagements to promote sustainable finance in Morocco and Africa. In line with these commitments, we launched the Marrakech Pledge, a continental partnership calling African regulators and exchanges to act collectively for enabling a rapid and effective establishment of climate-resilient capital markets in the region. To do so, AMMC works on developing enabling frameworks as well as building capacity in the field of sustainable finance. Our collaboration with the Toronto Centre fits perfectly within our sustainable finance approach, and we are delighted to have published an action-focused White Paper on next steps to build green capital markets and to foster regional partnerships.”
- Nezha Hayat, Chairperson and CEO, Moroccan Capital Market Authority
“Almost all African countries have since ratified the Paris Agreement with commitments estimated at US $3 trillion investment by 2030. To deliver the goal, it will require dynamism and efficient mechanisms within Africa’s financial sector to deploy various types of finance targeted at different market segments. The African Development Bank established the African Financial Alliance on Climate Change (AFAC) as a platform that brings together Africa’s entire finance industry to design mechanisms and policy frameworks that create value and new investments from the risks and opportunities presented by climate change.”
- Anthony Nyong, Director of Climate Change and Green Growth Department, African Development Bank (AfDB)
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Established in 1998, Toronto Centre for Global Leadership in Financial Supervision (Toronto Centre) is an independent not-for-profit organization that promotes financial stability and access to financial services globally. Our mission is to provide high quality capacity building programs for financial supervisors and regulators, primarily in emerging markets and developing countries. We believe that for countries to thrive, their financial systems must be stable and inclusive. Our mission supports sustainable growth and job creation and helps to reduce poverty by helping to build these economic foundations. In turn, stable, sustainable economic growth is a vital enabler of infrastructure investments, strengthening international trade and reducing poverty as confirmed by the UN 2030 Sustainable Development Goals and the Addis Ababa Action Agenda, Financing for Development. Our mission is aligned with Canada’s Feminist International Assistance Policy. Since our inception, we have trained more than 12,000 supervisors and regulators from over 190 jurisdictions. Toronto Centre is supported by Global Affairs Canada, the International Monetary Fund, Swedish International Development Cooperation Agency (Sida), Comic Relief, Jersey Overseas Aid, and other valuable international partners.
For more information, please contact
Diana Bird
Communications and Special Projects Coordinator
416-943-9300 x 226
[email protected]
