A Conversation with Tiff Macklem, University of Toronto
Tiff Macklem is the Chair for Canada’s Expert Panel on Sustainable Finance, which was tasked with presenting the Canadian Government “with a set of recommendations to scale and align sustainable finance in Canada with our country’s climate and economic goals.” Their final report was published earlier this year. He is also the former senior deputy governor of the Bank of Canada, and Dean of the Rotman School of Management. Previously, he served as the Bank of Canada’s chief operating officer and a member of its board of directors.
Hear more from Macklem at the Bloomberg Sustainable Business Summit in Toronto on September 19 in Toronto, where corporate executives, influential investors, and prominent experts will provide a high-level look at the evolution of sustainable business and finance strategies in Canada.
What is the first step financial leaders can take to cultivate an asset management system that embraces sustainable investment as ‘business as usual’?
Asset managers should engage companies they are investing in or considering on their climate change strategy — how are they managing their material climate risks, how will climate change affect their business, and how are they responding. If climate risks and opportunities are part of regular investor dialogue, they will become a regular part of corporate strategy, and progress will be measured, monitored and assessed.
What is the biggest challenge associated with aligning Canada’s infrastructure strategy with its long-term sustainable growth objectives?
The scale of the investment required far outstrips public resources. We need a clear strategy for public-private co-investment in low-emissions, energy- efficient, climate-resilient infrastructure.
What is the most important thing you hope other governments and industries will take away from your final report?
If we are to realize our economic and environmental goals, sustainable finance needs to go mainstream. Climate conscious investment and risk management need to become business-as-usual in financial services. They need to become embedded in everyday financial decisions, products and services.