This article explores the challenges faced by Canadian companies and investors in the wake of the Trump administration's climate skepticism. It highlights the withdrawal of major financial institutions from the Glasgow Financial Alliance for Net Zero (GFANZ) and the concerns of corporate Canada regarding potential legal and political ramifications of prioritizing environmentally friendly policies.
Canadian companies and investors are grappling with the resurgence of climate change skepticism under the Trump administration, as exemplified by his withdrawal from the Paris Agreement. This renewed uncertainty has led some financial institutions, originally committed to climate action through the Glasgow Financial Alliance for Net Zero (GFANZ), to backtrack on their pledges.
The recent departure of numerous banks from GFANZ, leaving only Royal Bank of Canada as a remaining Canadian member, highlights the growing unease within the financial sector. These institutions cite continued support for individual client decarbonization efforts, but critics argue that this withdrawal diminishes their commitment to collective climate action. Meanwhile, corporate Canada faces a complex dilemma. While some companies continue to prioritize environmental, social, and governance (ESG) initiatives, others are hesitant to invest in pro-environment policies due to potential legal repercussions and political instability. The Trump administration's stance on climate change and its impact on corporate America remains a significant concern for Canadian businesses operating in the US market
Climate Change ESG Corporate Responsibility Canada United States Financial Institutions Trump Administration
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