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 has stalled in front of the Senate BANC committee, and it needs to be studied before it can move forward and be voted on in the House of Commons. We need Senators on the committee to know that Canadians support this crucial bill, and expect a fair and timely study.
Let’s call these Senators and tell them we want a fair study of CAFA now.
|
Senator |
Location |
Phone # |
|
Pamela Wallin (Committee Chair) |
Saskatchewan |
613-996-2794 |
|
Tony Loffreda |
Quebec |
613-943-5694 |
|
Diane Bellemare |
Quebec |
613-943-1555 |
|
Colin Deacon |
Nova Scotia |
613-943-3735 |
|
Clement Gignac |
Quebec |
613-944-1113 |
|
Elizabeth J. Marshall |
Newfoundland & Labrador |
613-943-4011 |
|
Paul J. Massicotte |
Quebec |
613-943-8110 |
|
Iris G. Petten |
Newfoundland & Labrador |
613-995-1264 |
|
Pierrette Ringuette |
New Brunswick |
613-943-2248 |
|
Hassan Yussuff |
Ontario |
613-944-1108 |
Here’s a sample script:
Dear Senator X,
I’m a concerned citizen from X and I’m calling 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 hope to see it studied as soon as possible by the BANC committee and moved forward in the Senate. 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 give the bill a fair study now so it can move forward through the legislative process.