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September 18, 2018

Green firm financing in Canada could bring in $110 billion by 2025


Canada’s financial companies could make annual revenues of $110 billion by 2025 by targeting firms and projects that reduce or have lower greenhouse gas emissions, a trio of public and private groups said Sept. 17.

Taking advantage of the estimated opportunity, which was measured by Corporate Knights Research, requires a coordinated strategy between governments and companies, public-private partnership Toronto Finance International and financial services firm Ernst & Young Canada, two other members of the group, said.

“Research shows this is more than just the right thing to do, it makes business sense,” Ernst & Young Canada climate change and sustainability services leader Thibaut Millet said in a statement.

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Canadian financial firms, predominantly based in Toronto, would make the revenues by supporting projects across the building, transportation, energy and heavy industry sectors between 2019 and 2025, the group’s report, Capitalizing on Sustainable Finance: A growth opportunity for Toronto’s financial sectorsays.

Around $158 billion of annual investments are needed across those sectors for Canada to reach its emission reduction targets, according to estimates by Corporate Knights Research.

Toronto Finance International, which seeks to promote the city as a global hub in the investment sector, represents a cross-section of political and business leaders in Canada.

Federal Finance Minister Bill Morneau, Ontario Premier Doug Ford and Toronto Mayor John Tory sit on its leadership council, as well as the CEOs of 15 leading financial institutions.

The report supports the case for turning Toronto into a global leader in sustainable finance, the group’s president and CEO Jennifer Reynolds said in a statement.

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