In May 2021, the Government of Canada launched the Sustainable Finance Action Council (SFAC) to help lead the Canadian financial sector towards integrating sustainable finance into standard industry practice. The SFAC’s Terms of Reference specifically require it to work in close collaboration with the NZAB.

This approach is consistent with the NZAB Terms of Reference, which provides that it will work closely with other relevant bodies tasked with providing advice to the Government of Canada, including on topics such as sustainable finance, and that it will act as a platform to integrate recommendations stemming from multiple net-zero policy initiatives to a single focal point within the Government of Canada.

The SFAC and NZAB are in the process of consulting on the priorities, work plans and perspectives of the two bodies. The SFAC has an early emphasis on enhancing climate-related financial disclosures in Canada’s private and public sector. Finance and capital mobilization is a cross-cutting lens that the NZAB has committed to incorporating in its independent advice.

Representatives for the NZAB and SFAC meet regularly to ensure that the ongoing work of each body will be coordinated, complementary, and build on existing initiatives.