Montreal, May 19th, 2022 - Seven months after the unveiling of the Declaration of the Quebec financial center for sustainable finance, 9 financial institutions join the first signatory organizations and endorsements with the objective of strengthening the sustainable finance ecosystem and to make Quebec a center of excellence in this field. A first in North America, the signatories, who represent $1,350 billion in assets under management, are providing themselves with a common ambition and the tools necessary to respond to the climate emergency through a green and fair transition. This statement aims to affirm Quebec’s historic leadership in sustainable finance and to position financial institutions and their commitment to sustainable finance and ESG (environmental, social and governance) principles.
“We are proud to see that the movement is continuing its growth as it welcomes new signatories today. This mobilization of players in the Quebec financial ecosystem undeniably contributes to positioning Quebec as a leader in sustainable finance throughout the American continent.” said Jacques Deforges, Chief Executive Officer of Finance Montréal, who invites all financial ecosystem players to join the movement and sign the Statement in the coming months.
The new signatories of the Declaration - Addenda Capital, Alpha Fixe, Evol, EY, Global Alpha Capital, Manulife, Power Sustainable, TD Asset Management and Trans-canada Capital - agree to undertake, pursue or accelerate concrete initiatives in sustainable finance.
A mobilized sector: the financial community’s commitments
The mobilization of Quebec financial players around the Declaration is one of the most recent signs of a thriving of sustainable finance ecosystem in Quebec.To accelerate this shift towards sustainable finance, the signatories of the Statement agree to undertake, pursue or accelerate concrete initiatives related to the following areas, according to their capacity and their specific contexts:
● Develop a local expertise in sustainable finance and investment
● Promote the establishment or growth of local teams and business units in
sustainable finance in Quebec
● Support the local development of sustainable finance products and services
● Promote the growth of funds managed by locally established managers with
leading-edge expertise in responsible investment
● Strengthen disclosure and transparency in sustainable finance
● Strengthen the integration of ESG factors into signatories’ operations, internal
processes and practices, and encourage our partners to integrate ESG factors
Progress on commitments: from words to deeds
The commitments made by the signatories are already having a concrete impact. Here are some examples:
Fondaction
In a first initiative bringing together the Quebec financial sector and the conservation community, Fondaction is partnering with the Centre de la science et de la biodiversité du Québec (CSBQ) and the Société pour la nature et les parcs du Québec (SNAP Québec) to develop biodiversity and ecosystem integrity indicators for Quebec. These indicators will support teams of investors who are already assessing climate risk.
Desjardins
In addition to providing mandatory training on sustainable development and responsible finance to all of its 53,000 employees, Desjardins continues to develop its products and services in sustainable finance, and now manages more than $26 billion in sustainable finance products - a growth of $1 billion since the signing of the Declaration. Over this same period, the share of these products entrusted to managers based in Québec rose from $16.5 billion to $19 billion.
National Bank
After joining the Net-Zero Banking Alliance, National Bank disclosed its first interim greenhouse gas intensity reduction targets for financed emissions: 31% by 2030 (2019 as the reference year) for Scopes 1, 2 and 3 for the Oil and Gas producer subsector.
National Bank Investments has also enhanced its investment product offering aligned with the United Nations Sustainable Development Goals by launching the NBI Sustainable Canadian Short Term ETF. National Bank Investments has delegated the investment decisions to AlphaFixe Capital Inc. who will act as portfolio sub-advisor. This is the fifth exchange-traded fund in a suite designed to help Canadian investors build a more sustainable future while creating long-term wealth, with three of the strategies also available as mutual funds.
Quotes from new signatories and endorsements
“The Statement brings together the driving forces of our ecosystem around critical issues that need to be addressed by all. While progress has been made, there is still a long way to go. Given the urgency to act, we are committed to supporting our clients, portfolio companies and our own teams in sustainable finance. In all three cases, the goal that motivates us is the same: to ensure a fair and promising future.” - Roger Beauchemin, President and Chief Executive Officer, Addenda Capital
“In an effort to mobilize Quebec's financial sector to become a leader in sustainable finance, AlphaFixe is committed to continuing to collaborate with market players to implement best practices in ESG integration specific to fixed income, to innovate by offering unique sustainable and impact investment solutions, such as the $1 billion green and sustainable bond funds, and to stimulate demand for these products by raising awareness among its stakeholders through knowledge sharing on the climate emergency.” - Stéphane Corriveau, President, Managing Director & Chief Compliance Officer, AlphaFixe Capital
“Resulting from the evolution of the Femmessor organization, Evol is definitely a player in sustainable finance. We support businesses with diverse and inclusive ownership that have generated or intend to generate positive impacts aligned with the UN Sustainable Development Goals (SDGs). By signing the sustainable finance declaration, we want to go even further in a collaborative approach, in order to bring about systemic, livable, viable and realistic changes. It is by working towards common objectives that we move forward to build a better world.” - Sévrine Labelle, CEO of Evol
“Creating a sustainable world demands sustainable finance. We’re honoured to be part of the Montréal Finance Declaration, which supports a fair and responsible low-carbon transition of Quebec and Canada's economy. This commitment further advances EY’s four-step carbon ambition — becoming carbon negative in 2021 and net zero in 2025 — while helping our clients to navigate their own ESG journeys and take on net zero engagements. Through collaborating with others, we’ll find the collective solutions that strengthen Canada’s competitive position as a sustainable, equitable and innovative financial leader in the global market.” - Anne-Marie Hubert, Eastern Canada Managing Partner, EY
“By becoming a signatory to the Declaration, Global Alpha is committed to supporting the local development of sustainable finance products and services. Since the company's creation, ESG integration has been a key component of our investment philosophy. As part of our efforts to promote sustainable finance in Québec, we strive to monitor and lead best practice initiatives and frameworks that help us better understand the risks and opportunities of our investments. It is by addressing sustainability imperatives that we will truly be able to generate a positive impact for society.” - Robert Beauregard, Chief Investment Officer, Global Alpha Capital
“As a long-standing member in the Quebec financial community, Manulife is proud to be a signatory to the Statement by the Quebec Financial Centre for a Sustainable Finance. We’re continuing to grow our partnership with Concordia University, where we’ve co-developed the Sustainable Investing Practicum along with providing program funding and scholarships, because we know that educating the next generation of leaders on sustainable investing, is key to reaching our global climate goals”. – Mike Doughty, President & CEO, Manulife Canada
“It is imperative that we shift our economy to a more sustainable model which creates long-term value for all and benefits society. As signatories of this Declaration, we reaffirm our commitment to this transition by developing investment strategies to catalyze capital towards sustainable solutions.”- Olivier Desmarais, Chairman and Chief Executive Officer, Power Sustainable
“Trans-Canada Capital Inc. (TCC)'s President, Vincent Morin said: "As investors focus on long-term value creation, it is important to consider all the factors that may impact the financial performance of our investments – particularly ESG factors. Being a Signatory of the Statement by the Québec Financial Centre for a Sustainable Finance, TCC is committed to launch a sizable fund that integrates ESG issues, namely the TCC Universe+ Fixed Income Fund. The creation of this Fund confirms the commitment of TCC toward sustainable finance and ESG principles. In support of integrating ESG factors in investment decisions, Air Canada the parent company of TCC, has agreed to invest $750M of the funds held in the Air Canada Pension Plans to seed this opportunity." - Vincent Morin, CEO, Trans-Canada Capital
"TD Asset Management is proud to support Finance Montreal and sign the statement promoting finance based on the principles of responsible investment. As a firm, we are an ardent supporter of integrating environmental, social and governance in our investment practices and recognize Quebec as a centre of excellence in sustainability on an international stage." - Priti Shokeen, Head of ESG Research and Engagement, TD Asset Management
To view the Statement by the Quebec Financial Centre for a Sustainable Finance, visit:
https://www.finance-montreal.com/en/declaration
To learn more about the Sustainable Finance Summit, visit www.sommet-
financedurable.com/en/
About the Statement by the Quebec Financial Centre for a Sustainable Finance
The Statement by the Quebec Financial Centre for a Sustainable Finance is a commitment from
Quebec financial sector players to responsible finance principles. All players in the Quebec
financial sector are invited to join the movement by becoming signatories to the Statement and
proposing ambitious measures that will help position Quebec as a centre of sustainable finance
excellence and innovation in North America.
About Finance Montréal
Founded in 2010, Finance Montréal, the financial cluster in Quebec, is at the heart of the development and promotion of the Quebec financial services industry and its international positioning as a growing, competitive, attractive and innovative world-class financial center. The organization also focuses on fintech and innovation, sustainable finance and talent development. Hub of the financial community, Finance Montréal mobilizes its forces around these poles, much like the community it built around its Montréal FinTech Station. To learn more about Finance Montréal, visit www.finance-montreal.com.
Media contact:
Maxime Perrault
COPTICOM, Strategy & Public Relations
mperrault@copticom.ca
819-208-0989
