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Canada has launched a council on sustainable finance, the federal government said in a release on Wednesday.

The Sustainable Finance Action Council will bring together public- and private-sector financial expertise to support the growth of sustainable finance.

“Establishing a well-functioning sustainable finance market will give investors confidence in Canada, protect the resilience of the Canadian financial sector in the years ahead, and ensure Canada’s broader long-term economic strength,” the release said.

Kathy Bardswick, former president and CEO of the Co-operators Group Ltd., is council chair. Council members will comprise banks, insurers and pension funds. The first meeting will be in early June.

The council’s early emphasis will be on enhancing climate-related financial disclosures in Canada’s private and public sector, aligned with the recommendations of the Task Force on Climate-related Financial Disclosures.

In July 2020, the federal government announced council funding of $7.3 million over three years.