Thank you for this opportunity to present.
I'm speaking today in my capacity as chair of the Sustainable Finance Action Council, which I will refer to as SFAC going forward. I have almost 40 years of experience working in both the domestic and international insurance industry helping individuals, businesses and governments assess and manage risk. It's through this lens that I have come to appreciate the undeniable challenges and opportunities the changing climate is creating.
I applaud this committee for its consideration of the state of sustainable finance in Canada, with, I anticipate, a resulting commitment to take additional action where warranted. I also applaud the federal government for implementing a key recommendation from the expert panel report on sustainable finance in establishing SFAC. I trust that these two actions are indications of our shared desire to execute a vision for Canada that defines the prosperous role our country has played and will continue to play as the world decarbonizes, recognizing that the successful execution of that vision now demands collaboration and levels of co-operation not seen previously.
SFAC is one such collaboration. First, it formally brought together 25 financial institutions representing investors, lenders and insurers, a unique opportunity to align perspectives across subsectors of the private financial system. This has proven to be invaluable in aligning an understanding of and support for critically important roles that private finance must play to achieve Canada's economic objectives.
Second, it brought together federal, provincial and territorial finance leadership to a shared table, working alongside SFAC through the official sector coordinating group, allowing mutually beneficial understanding and support of each other's objectives.
Third, it has provided extensive opportunities to engage a much larger list of stakeholders, in both Canada and internationally, as SFAC works to fulfill its mandate. This list includes industry, civil society and academia in addition to the international outreach and collaborations that we have been leveraging.
Finally, the work we have delivered to date is impactful, strongly endorsed by a very significant share of the private financial system in this country and deserving of further action.
You heard from my colleague, Barbara Zvan, whose comments were focused on a more in-depth review of the critically important role of taxonomies in economies around the world and the critical importance of establishing and implementing a taxonomy in Canada. You have also heard from international voices outlining a call to action for Canada to continue, and in some respects increase, its influence in global discourse.
SFAC's other work streams have outlined the additional need for progress on climate disclosure within the public and private markets, aligned with international developments, in a report delivered to government in early February. Our current work includes identifying how to increase the flow of private capital to Canadian transition investment through a series of case studies focused on selected sectors and designed to identify high-priority recommendations to remove barriers. We expect to complete this report by the end of the year.
All of this and more is needed if we want to strengthen Canada's sustainable finance capacity and ensure that we attract the necessary increased levels of domestic and international capital to continue to prosper economically as the world transitions. It is truly gratifying to witness the commitment and contribution from our SFAC members these past two years towards a shared goal of helping Canada prosper in the years ahead. Council members have provided significant leadership, time and resources to the tasks at hand. It is my sincere hope that these efforts will be met by a continued high level of collaboration from policy-makers to advance this essential work.
Thank you, Mr. Chair.