It’s been two years since the Climate-Aligned Finance Act (CAFA) was introduced in the Senate by Senator Rosa Galvez, and we’re still waiting for a proper study of this important bill by the Senate Banking, Commerce and Economy (BANC) committee.
Why do we need financial regulation?
Canada’s big banks are among the worst fossil fuel funders in the world and most Canadian pensions, including the Canada Pension Plan, are also heavily invested in oil and gas. Imagine if all this investment went toward financing the clean energy transition instead of locking us into fossil fuel infrastructure. By implementing climate-aligned financial policy, we could hold banks accountable to credible climate plans and ensure they’re doing their part in the transition to a low-carbon economy.
What can you do?
CAFA is being studied by the Senate BANC committee, and soon it will be voted on by all Senators. We need Senators across the country to know that Canadians support this crucial bill, and want to see it pass!
Call or email the Senators below to tell them to support the Climate-Aligned Finance Act and move it through the legislative process.
Here's a list of potentially receptive Senators on the committee:
| Senator | Province | Phone Number | |
| Diane Bellemare | Quebec | 613-943-1555 | [email protected] |
| Colin Deacon | Nova Scotia | 613-943-3735 | [email protected] |
| Clément Gignac | Quebec | 613-944-1113 | [email protected] |
| Elizabeth Marshall | Saskatchewan | 613-943-4011 | [email protected] |
| Paul J. Massicotte | Quebec | 613-943-8110 | [email protected] |
| Julie Miville-Dechêne | Quebec | 613-943-4780 | [email protected] |
| Iris G. Petten | Newfoundland & Labrador | 613-995-1264 | [email protected] |
| Pierrette Ringuette | New Brunswick | 613-943-2248 | [email protected] |
| Hassan Yussuff | Ontario | 613-944-1108 | [email protected] |
Here’s a sample message for your phone call, or you could copy and paste the text into a draft email:
Dear Senator X,
I’m a concerned citizen from X and I’m calling / writing to express my support for Bill S-243, the Climate-Aligned Finance Act.
As a parent/grandparent/citizen, I’m increasingly worried about the growing impacts of climate change and the effects on my family, community and people across the country. Last year was the hottest year on record, with unprecedented wildfires and extreme weather severely affecting communities across Canada. After an unusually warm winter, this year is projected to be even worse. The costs of inaction are only getting steeper, with Canadians facing the dangerous effects of ecological breakdown, a worsening inequality and affordability crisis, and growing financial risks from climate inaction (the projected costs of climate breakdown are up to $5 trillion by 2100). We are doing our best to take care of our children in the face of these risks, and we expect our government to step up and take action to protect our families and communities.
That’s why I’m so excited about the Climate-Aligned Finance Act, and feel strongly that it should pass after it has been studied by the BANC committee. This bill is a crucial tool to help us make the transition off fossil fuels and toward a low-carbon economy.
The Climate-Aligned Finance Act would:
- Bring the financial industry in line with climate science and Canada’s climate commitments through the requirement of credible climate plans
- Bring in important new climate accountability mechanisms, including new capital requirements to account for systemic climate risks generated by the activities of financial institutions and regulations for conflicts of interest on boards of directors.
- Prevent carbon lock-in by pushing financial institutions to start diversifying and divesting now, ensuring greater economic and financial stability
- Enshrine respect for the rights of Indigenous peoples by including UNDRIP and provisions for free, prior and informed consent
We know that voluntary climate accountability measures for banks and pensions are not working, and that Canada has less regulation than many other jurisdictions. This legislation would address many of these challenges, and allow us to move toward a safer, low-carbon future in an orderly way. This is also an unprecedented opportunity for Canada to be a leader on the global stage and take advantage of the opportunities of a clean energy economy.
As a Senator, you have a responsibility to protect the interests of the Canadian public and particularly underrepresented groups, such as children, who will feel the impacts of the climate crisis most. You also have an opportunity to leave a lasting positive legacy by tackling the climate crisis with the urgency it requires, and I urge you to take it.
Please support this bill to move forward through the legislative process.
Thank you,
Your Name