New report looks at the central bank’s vulnerability to climate-related risks, natural disasters and its own greenhouse gas emissions
The Bank of Canada began disclosing climate-related risks to its operations and balance sheet this week – a move intended to inspire other financial institutions to raise their game on climate-related disclosure.greenhouse gas emissions
“By disclosing this, and by signalling to the market that the central bank thinks this is important enough to release a report on, it also signals to the financial institutions and to the system that this is something they’re going to have to do,” said Ryan Riordan, a professor of finance at Queen’s University and director of the university’s Institute for Sustainable Finance.
“The uncertain effects of global warming on the economy and the transition path to decarbonization also pose significant challenges to the bank’s ability to forecast potential output and long-term economic growth,” it added. Nonetheless, the report tries to quantify the riskiness of these government bonds using the metric weighted average carbon intensity, or WACI. The result is not flattering for Canada.
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