Climate Fund Calls on Financial Partners to Maintain Their Climate Commitments

In the face of climate emergency, the financial sector has a crucial role to play in ensuring a successful transition to a low-carbon economy. With this in mind, the Greater Montreal Climate Fund has signed the Canadian Asset Owners’ Statement on Financial Partnerships for a Net-Zero Society, an initiative led by the Trottier Family Foundation and co-signed by 34 funding organizations representing $53 billion in assets.

Critical Mobilization in Response to the Climate Crisis

The year 2024 saw record-breaking climate disasters, resulting in over $8.5 billion in financial losses across Canada. These events underscore the urgent need for coordinated action to limit global warming to 1.5°C and prevent irreversible disasters.

The Greater Montreal Climate Fund firmly believes that financial institutions must act as drivers of change by adopting investment strategies aligned with the Paris Agreement. However, the recent withdrawals of certain banks and asset managers from global climate alliances, such as the Net Zero Banking Alliance (NZBA) and the Net Zero Asset Manager Initiative (NZAM), threaten the progress made so far.

Staying the Course Toward Net Zero

We call on our financial partners to remain committed to the green transition and to continue taking concrete action:

• Set science-based emissions reduction targets, prioritizing the most carbon-intensive sectors.
• Publish transparent annual reports on climate progress to ensure the integrity of their commitments.
• Develop financing and investment strategies that actively support the decarbonization of the real economy.

Responsible Financial Leadership

Financial institutions must not back down in the face of climate challenges. As investors, philanthropists, and public-interest organizations, we need ambitious financial partners who fully integrate climate risks into their strategies and take decisive action toward a net-zero future.

Now is the time for bold leadership. The Greater Montreal Climate Fund remains committed to working with dedicated and responsible partners to accelerate the transition to a more sustainable future.

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