The report assesses regulators including the Bank of Canada, OSFI, the Autorité des marchés financiers, and provincial securities and market conduct authorities across Ontario, British Columbia, and Alberta. Each is graded on four criteria: mandate recognition, climate risk disclosure, use of tools beyond disclosure, and transparency.

The findings reveal a fragmented and uneven landscape. While some regulators have taken meaningful steps toward climate risk disclosure, virtually none have deployed the broader tools available to them — capital requirements, transition planning mandates, enforceable market conduct standards — leaving a widening gap between the scale of the risk and the scale of the response.