Item - 2025.MM28.37

City Council on March 26 and 27, 2025, adopted the following:

1. City Council direct the Executive Director, Environment, Climate and Forestry, the General Manager, Economic Development and Culture and the Chief Financial Officer and Treasurer, to convene relevant experts to discuss developing a “Sustainable Finance Hub” in Toronto; relevant expertise should include climate mitigation and adaptation from academia and civil society, and all participating experts should be without conflicts of interest to the fossil fuel sector.

2. City Council direct the Executive Director, Environment, Climate and Forestry to commission a study on best practices from peer cities, including the C40 network and other major financial centres regarding partnering with the finance sector on climate mitigation and climate solutions investments.

3. City Council encourage the Ontario Securities Commission, the Canadian Sustainability Standards Board and the Office of the Superintendent of Financial Institutions to develop requirements for credible climate transition plans, including climate-related disclosure.

4. City Council express support for comprehensive climate-aligned financial regulation focused on improved transparency and accountability, as laid out in the text of Bill S-243, in order to future-proof our economy against climate-related risks.

5. City Council urge Toronto-based and headquartered financial institutions to take all actions possible to reduce their financed emissions, including by reducing their financing of fossil fuels, and accelerating financial support for clean energy solutions including renewables.