The Sustainable Finance Summit in Montréal last week wrapped up with three major announcements:

1. The Government of Canada, represented by Ryan Turnbull, Parliamentary Secretary to the Minister of Finance and National Revenue, announced a CAD $10 million investment over five years to support the continued operations of the International Sustainability Standards Board (ISSB).
   
2. The Canadian Taxonomy and Transition Planning Council announced the six priority sectors that will form the basis of Canada’s sustainable finance taxonomy guidance and outlined the next steps in its development. These include the launch of a public consultation on the draft Methods and Framework Report on July 9.
   
3. The Government of Québec unveiled its Sustainable Finance Roadmap – the first initiative of its kind in North America. The roadmap is structured around three strategic priorities: supporting the resilience and transition of Québec’s economy, strengthening sustainable finance skills and culture, and positioning Québec as a leading public-sector actor in sustainable finance.

Taken together, these announcements underscore a clear reality: Canada’s financial system needs credible data, coherent policy frameworks, and practical, science‑based tools to guide transition planning, strengthen risk assessment, and align capital with real emissions reductions.

This theme also anchored a discussion hosted by the Canada Climate Law Initiative, the UN-support Principles for Responsible Investment, and Environmental Defence Canada on Thursday, June 4^th, just steps away from the Summit.

Key messages

1. Canada remains off track to meet its climate commitments, and the financial system is central to changing that trajectory.
   
2. Canada lags behind global partners in its sustainable finance policies and the degree to which policies are implemented strategically, consistently and comprehensively across different parts of the financial system, according to research by Julie Segal. Fragmentation on sustainable policy impedes our environmental and economic goals.
   
3. Canada needs policy and market signals to reduce greenhouse gas emissions.
   
4. Canada has the opportunity to catch up quickly by advancing climate-related transition plans, disclosure, and a science-based taxonomy, as well as greater investment in electrical infrastructure.