VI. Conclusion and next step

VI. Conclusion and next steps

The findings of this study point to the opportunity available to Toronto’s financial sector in seeking leadership in sustainable finance. The calls to action and additional longer-term ambitions identified in this report require attention across the financial and non-financial sectors as well as by government, regulators, academia and other industry bodies. Through the careful consideration and adoption of these proposed actions, Toronto’s financial institutions have the opportunity to develop a leading global sustainable finance hub which can contribute to the growth of the sector, and better management of climate risk in Canada. As the commissioner of this report, TFI’s role is to engage with the various stakeholders and facilitate discussion regarding a potential strategy for a sustainable finance hub in Toronto. To further this analysis and discussion, next steps could include that TFI (or a new Sustainable Finance Institute) consider conducting an in-depth study of the cluster dynamics of Toronto’s sustainable finance community. By thoroughly mapping and assessing the industry at this level (which was outside of the scope of this study), further opportunities may be uncovered and more extensively analyzed and measured.

In all of this, sector-wide collaboration is critical to success; and we look forward to continuing the dialogue and witnessing the growth to come.