More than 20 financial institutions mobilize in Quebec for the climate emergency

About two dozen financial actors in the Quebec landscape on Monday endorsed the “Declaration of the Quebec Financial Center for Sustainable Finance” in order to respond to climate emergencies and social inequalities.

This first announcement in North America aims to support the development of financial institutions located in the region in the process of respecting key environmental and social issues.

“Today is a very strong signal. The Quebec financial sector has a common game plan to support a green, fair and responsible transition for the economies of Quebec and Canada. This mobilization will help position Quebec as a leader in sustainable finance across the American continent,” said Montreal Finance CEO Jacques Deforge in Press release.

Among the signatories are the Desjardins Group, the National Bank and the Depository and Placement Fund of Quebec (CDPQ).

For his part, Desjardins Group President and CEO, Guy Cormier, pledged to train the majority of its employees in sustainable development by the end of 2023, to promote transparency in sustainable finance and local promotion. growth.

“By 2025, we expect to direct $5 billion in assets to local fund managers to spur activity, innovation and talent in sustainable finance,” said Laurent Ferreira, chief operating officer and president-designate and CEO.

As for CDPQ, the latter already last week revealed its new climate strategy to reduce carbon in its portfolio by 2030 and acquire nearly $54 billion in green assets as of 2025.

All financial groups that have participated in this initiative will be monitored periodically by Finance Montreal.

This announcement launched the Sustainable Finance Summit that will actually take place through October 8th.