Overview
- More than 50 climate finance organizations issued an open letter urging central banks and financial regulators to require transition plans that limit financing for new fossil-fuel expansion and channel investment toward renewables.
- The letter, backed by groups including WWF, the US Sierra Club and Finance Watch, says transparency is necessary but insufficient and calls for monetary policy to align with Paris Agreement goals.
- Australia’s new mandatory climate-reporting rules for large companies and financial institutions took effect this year, underscoring a shift beyond voluntary disclosure in at least one major market.
- Corporate exits from voluntary alliances continue, with Australia’s Macquarie Group leaving the Net-Zero Banking Alliance after similar departures by major US and European institutions.
- A Globe and Mail commentary argues Canada is lagging peers and urges compulsory disclosures, mandated transition-plan reporting, a taxonomy that excludes fossil-fuel development and stronger tools such as the proposed Climate-Aligned Finance Act, citing 2024 data showing record insured weather losses in Canada and a 23% rise in global fossil-fuel financing.