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The Conversation
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Robert L. Ascah, Research Fellow, The Parkland Institute, University of Alberta

OSFI's new guidelines: A step toward making banks and insurers more conscious of their climate impacts

OSFI United Nations Climate Change Canada Insurance THE CANADIAN PRESS
The Office of the Superintendent of Financial Institutions has released guidelines for financial institutions to address climate change risks. THE CANADIAN PRESS/Nathan Denette

After an extensive consultation process, the organization that supervises banks and large insurance companies in Canada — the Office of the Superintendent of Financial Institutions (OSFI) — has released guidelines for financial institutions to address climate change. This is timely, considering banks and insurers are massive funders of the fossil fuel industry.

The release of the guidelines, called the B-15, comes more than a year after a January 2022 pilot study by Canada’s central bank and OSFI on how resilient financial institutions would be under new climate policies.

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