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Submitted to Finance Canada by the government-appointed Sustainable Finance Action Council, the document could significantly shape global markets by serving as the most credible available protection against greenwashing A federal advisory body is proposing to disqualify any new oil and gas projects from being classified as green, and award that designation only in a limited and qualified way to projects to reduce pollution from existing fossil-fuel production. The recommendations are included in a framework for a rulebook to define sustainable investments in this country, known as a green taxonomy, a copy of which was obtained by The Globe and Mail. Submitted to Finance Canada this fall by the government-appointed Sustainable Finance Action Council (SFAC), the 77-page document received sign-off from all of that group’s members – including representatives of most major Canadian financial institutions, insurers and pension funds. But it has not yet been publicly released by Ottawa, even as the European Union and other jurisdictions have taken a lead in developing such guides for growing numbers of climate-conscious investors. SFAC chair Kathy Bardswick declined to comment on the contents of the taxonomy roadmap before its formal release. The document’s authenticity was confirmed by two other sources who were […]
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