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Climate stress tests are coming to Canada. Are banks paying attention?

Canada's high-carbon economy will keep drawing more scrutiny from investors - it's time banks get ahead of the curve

In the wake of devastating bushfires, news emerged earlier this month that Australia plans to speed up the introduction of mandatory climate stress tests for its financial sector. This week, Australia’s financial regulator released more details, announcing that a stress test will be developed this year and applied to its biggest banks in 2021.

Australia is the latest country to move forward with climate stress tests. It follows the lead of the Bank of England, which released a detailed discussion paper in December outlining how it intends to run its own tests on banks and insurers.

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Jason Kenney’s very long day

Alberta Premier called climate risk ‘flavour of the day.’ A lengthy list of economists and money managers disagree

In late May, shortly after becoming Alberta’s new premier, Jason Kenney visited the Toronto offices of The Globe and Mail. In a sit-down interview, Premier Kenney spoke at length about his vision for Alberta’s economy and his plans to restore the oil and gas sector to its former glory.

When asked about institutional investors’ growing focus on climate change, Premier Kenney brushed it off. “Flavour of the day,” he told the Globe. There are more important things for investors to look at.

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