2023 to 2024 Departmental Sustainable Development Strategy Report
ISSN: 2818-6273
Introduction to the 2023 to 2024 Departmental Sustainable Development Strategy Report
The 2022 to 2026 Federal Sustainable Development Strategy (FSDS) presents the Government of Canada’s sustainable development goals and targets, as required by the Federal Sustainable Development Act. This is the first FSDS to be framed using the 17 Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda and provides a balanced view of the environmental, social, and economic dimensions of sustainable development.
In keeping with the purpose of the Act, to make decision-making related to sustainable development more transparent and accountable to Parliament, the Office of the Superintendent of Financial Institutions (OSFI ) supports the goals laid out in the FSDS through the activities described in OSFI’s 2023 to 2027 Departmental Sustainable Development Strategy (DSDS). This Report provides a report on progress related to OSFI’s DSDS in the fiscal year 2023 to 2024.
The Federal Sustainable Development Act also sets out 7 principles that must be considered in the development of the FSDS as well as DSDSs. These basic principles have been considered and incorporated in OSFI’s DSDS and 2023 to 2024 DSDS Report.
To promote coordinated action on sustainable development across the Government of Canada, OSFI’s departmental strategy reports on Canada’s progress towards implementing the 2030 Agenda and advancing the SDGs, supported by the Global Indicator Framework (GIF) and Canadian Indicator Framework (CIF) targets and indicators. The Report also now captures progress on SDG initiatives that fall outside the scope of the FSDS.
Commitments for Office of the Superintendent of Financial Institutions
Federal Sustainable Development Strategy 17 Sustainable Development Goals:
- No poverty
- Zero hunger
- Good health and well-being
- Quality education
- Gender equality
- Clean water and sanitation
- Affordable and clean energy
- Decent work and economic growth
- Industry, innovation and infrastructure
- Reduced inequalities *
- Sustainable cities and communities
- Responsible consumption and production *
- Climate action *
- Life below water
- Life on land
- Peace, justice and strong institutions
- Partnerships for the goals
*OSFI’s mandate supports three FSDS SDGs.
Goal 10: Advance reconciliation with Indigenous Peoples and take action on inequality
FSDS Context: OSFI undertakes deliberate actions on a number of fronts to implement the Call to Action on Anti-racism, Equity, and Inclusion and to combat racism, bolster diversity and equity, while fostering inclusion. Through the implementation of the Diversity, Equity and Inclusion Action Plan, we are well on our way to achieving a diverse and representative workforce. In fact, we have surpassed the workforce availability target for women, persons with disabilities, and members of a visible minority, and are actively working to increase representation of Indigenous Peoples. We support the Government of Canada’s commitment to increase opportunities for First Nations, Inuit, and Métis businesses through the federal procurement process. Through the Blueprint for OSFI’s Transformation 2022 - 2025, we have committed to advancing diversity, equity, and inclusion initiatives at all levels of the organization for Indigenous Peoples and other equity-seeking groups.
Target theme: Advancing reconciliation with First Nations, Inuit, and the Métis communities
Target: Between 2023 and 2026, and every year on an ongoing basis, develop and table annual progress reports on implementing the United Nations Declaration on the Rights of Indigenous Peoples Act (Minister of Justice and Attorney General of Canada)
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
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Support the Government of Canada’s commitment that a mandatory minimum target of 5% of the total value of contracts is awarded to Indigenous businesses. Program: Internal Services |
Performance indicator: Percentage of contracts with Indigenous businesses Starting point: 6% as of March 31, 2023 Target: 5% (annual) |
This action encourages economic reconciliation with Indigenous Peoples and will contribute to improved socioeconomic outcomes by increasing opportunities for First Nations, Inuit, and Métis businesses through the federal procurement process. This action contributes to the economic rights outlined in the UN Declaration. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: OSFI awarded 8.57% of contracts to Indigenous businesses in 2023-24. Notes: OSFI places emphasis on the use of qualified Indigenous suppliers to the greatest extent possible for IT hardware and furniture requirements. Similarly, OSFI extends invitations to qualified Indigenous suppliers, where capacity is deemed to exist. |
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Contribute to reconciliation with Indigenous Peoples and the 94 Calls to Action of the Truth and Reconciliation Commission. Program: Internal Services |
Performance indicator: Co-create the OSFI Reconciliation Action Plan with Indigenous partners and employees Starting point: New program Target: Plan is created by April 30, 2025 |
Public servants are in a unique position to help build respectful relationships with Indigenous Peoples in Canada. These actions encourage public service employees to increase their cultural competencies and awareness of issues related to First Nations, Inuit, and Métis in Canada, and their knowledge of the UN Declaration. These actions contribute to the development of necessary cultural competency knowledge and skills to implement the UN Declaration. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: No result available Notes: This work is delayed. |
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Offer the Kairos Blanket Exercise to OSFI employees to increase understanding of Indigenous history in Canada. Program: Internal Services |
Performance indicator: Percentage of employees who participate in the Kairos Blanket Exercise Starting point: 23.51% as of March 31, 2023 Target: 90% of employees have completed the training by March 31, 2026 |
Public servants are in a unique position to help build respectful relationships with Indigenous Peoples in Canada. These actions encourage public service employees to increase their cultural competencies and awareness of issues related to First Nations, Inuit, and Métis in Canada, and their knowledge of the UN Declaration. These actions contribute to the development of necessary cultural competency knowledge and skills to implement the UN Declaration. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: No result available Notes: This course was not offered at OSFI during the 2023-2024 fiscal year. OSFI will promote participation through the Canadian School of Public Service (CSPS). |
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Provide Indigenous cultural competency training. Program: Internal Services |
Performance indicator: Percentage of staff who have completed Indigenous cultural competency training (internal or external) Starting point: 5.58% as of March 31, 2023 Target: 90% of employees have completed the training by March 31, 2026 |
Public servants are in a unique position to help build respectful relationships with Indigenous Peoples in Canada. These actions encourage public service employees to increase their cultural competencies and awareness of issues related to First Nations, Inuit, and Métis in Canada, and their knowledge of the UN Declaration. These actions contribute to the development of necessary cultural competency knowledge and skills to implement the UN Declaration. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: 1.96% of employees took courses related to Indigenous learning during the 2023-24 fiscal year, continuing our efforts from 2022-23. |
Target theme: Taking action on inequality
Target: Each year, the federal public service meets or surpasses the workforce availability for women, Indigenous persons, persons with a disability, and members of a visible minority (President of the Treasury Board)
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
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Establish the Pay Equity Committee to develop a Pay Equity Plan for OSFI by September 2024. Update employment systems and identify and reduce barriers. Program: Internal Services |
Performance indicator: The Pay Equity Plan is presented to the Superintendent of Financial Institutions Starting point: Project is underway Target: Presentation by September 30, 2024 |
This action promotes equality across the federal government through measures such as advancing a modernized senior leadership strategy for the federal public service that reinforces equity, diversity, and inclusion in leadership culture; advancing the implementation of the Pay Equity Act across federal public service workplaces; and continuing to take action to ensure that federal public service workplaces are free from harassment and violence. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: New information will be available in fiscal year 2024-25. Notes: The draft Pay Equity Plan is set to be shared with employees in 2024-25. Note: Typo fixed in Target - updated to “Presentation” from “Persentation” |
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Conduct an annual self-identification campaign. Program: Internal Services |
Performance indicator: Percentage of employees who have completed the self-identification questionnaire Starting point: 77% as of March 31, 2023 Target: 90% by March 31, 2026 |
This action promotes equality across the federal government through measures such as advancing a modernized senior leadership strategy for the federal public service that reinforces equity, diversity, and inclusion in leadership culture; advancing the implementation of the Pay Equity Act across federal public service workplaces; and continuing to take action to ensure that federal public service workplaces are free from harassment and violence. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard |
Indicator result: 90% of employees completed the self-identification questionnaire in 2023-24. |
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
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Implement the Diversity, Equity and Inclusion Action Plan. Program: Internal Services |
Performance indicator: Percentage of employees who are women Starting point: 51.6% as of March 31, 2023 Target: Meet or exceed most recent Labor Market AvailabilityFootnote 1 (2016: 48.20%) (annual) |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: 50% of employees identified as women in the 2023-24 fiscal year. Notes: Labour Market Availability data for 2021 is not yet available, but 2023-24 representation of 50% remains above the 2016 Canadian Labour Market Availability (48.2%). |
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Identify targeted recruitment process for Indigenous Peoples. Program: Internal Services |
Performance indicator: Percentage of employees who are Indigenous persons Starting point: 1.5% as of March 31, 2023 Target: Meet or exceed most recent Labor Market AvailabilityFootnote 1 (2016: 4.0%) (annual) |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: 1.5% of employees identified as being Indigenous in the 2023-24 fiscal year. Notes: Labour Market Availability data for 2021 is not yet available, but 2023-24 representation of 1.5% remains below the 2016 Canadian Labour Market Availability (4.0%). |
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Identify targeted recruitment process for persons with disabilities. Program: Internal Services |
Performance indicator: Percentage of employees who are persons with a disability Starting point: 9.4% as of March 31, 2023 Target: Meet or exceed most recent Labor Market AvailabilityFootnote 1 (2016: 9.1%) (annual) |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: 9.3% of employees identified as persons with disabilities in the 2023-24 fiscal year. Notes: Labour Market Availability data for 2021 is not yet available, but 2023-24 representation of 9.3% remains above the 2016 Canadian Labour Market Availability (9.1%). |
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Increase representation of persons who are a member of a visible minority at OSFI based on previous years’ self identification stats (June 2023). Program: Internal Services |
Performance indicator: Percentage of employees who are members of a visible minority Starting point: 41.62% as of March 31, 2023 Target: Meet or exceed most recent Labor Market AvailabilityFootnote 1 (2016: 21.3%) (annual) |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: 41.6% of employees identified as members of visible minorities in the 2023-24 fiscal year. Notes: Labour Market Availability data for 2021 is not yet available, but 2023-24 representation of 41.6% remains significantly above the 2016 Canadian Labour Market Availability (21.3%). |
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Deliver foundational training on diversity, equity, and inclusion (DEI) to all employees. Program: Internal Services |
Performance indicator: Percentage of employees who complete the DEI foundational training Starting point: New Program – 0% as of March 31, 2023 Target: 90% of employees have completed the training by March 31, 2026 |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: New information will be available in in fiscal year 2024-25. Notes: The OSFI DEI Foundation training program has been drafted and will be made available on the OSFI Learning Management System across the organization. |
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Provide people leaders with unconscious bias training. Program: Internal Services |
Performance indicator: Percentage of people leaders who have completed the Canada School of Public Service Inclusive Hiring Practices for a Diverse Workforce Starting point: 58% as of March 31, 2023 Target: 100% of people leaders have completed the training by March 31, 2026 |
This action fosters diversity, inclusion, and accessibility in the federal public service. Measures such as labor force representation, capacity building, and implementation strategies ensure that federal public service workplaces are diverse, inclusive, and accessible to all Canadians. Relevant targets or ambitions: CIF Ambition/Target: Canadians live free of discrimination and inequalities are reduced CIF Indicator: N/A GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including through eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and actions in this regard |
Indicator result: 7.9% of people leaders completed Inclusive Practices for a Diverse Workforce training with the CSPS in 2023-24. This brings the total of people leaders having completed the course to 65.9%. |
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Table footnotes - Implementation strategy: Foster diversity, inclusion and accessibility in the federal public service
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Goal 12: Reduce waste and transition to zero-emission vehicles
FSDS Context: As the supervisor and regulator of federally regulated financial institutions (FRFIs), we do not own or operate a fleet of vehicles or manufacture products. We also produce very little waste. In fact, before the COVID-19 pandemic, we implemented a number of measures to reduce waste on our premises, such as eliminating most of the printers to achieve a paperless office. Furthermore, we contribute to Goal 12 by applying responsible consumption in accordance with the federal Policy on Green Procurement. Through the process for competitive procurement, we apply environmental criteria in our purchasing decisions to encourage suppliers to adopt practices that minimize the environmental impact of the goods and services they deliver.
Target theme: Federal Leadership on Responsible Consumption
Target: The Government of Canada’s procurement of goods and services will be net-zero emissions by 2050, to aid the transition to a net-zero, circular economy (All Ministers)
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
|---|---|---|---|
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Ensure that all procurement and/or materiel management specialists complete the Canada School of Public Service Green Procurement course (C215) or equivalent and increase awareness of the Policy on Green Procurement as part of ongoing training programs offered to OSFI managers. Program: Internal Services |
Performance indicator: Percentage of procurement and/or materiel management specialists who have completed training on green procurement Starting point: 100% as of March 31, 2023 Target: 100% (annual) |
Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver and of their supply chains. Relevant targets or ambitions: CIF Ambition/Target: Canadians consume in a sustainable manner CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities |
Indicator result: 94% have completed training as of March 31, 2024. Notes: All but one casual employee had completed this training (17/18). |
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Ensure that the process for competitive procurements with an estimated value over $1 million includes evaluation criteria related to inducing suppliers to measure and disclose their GHG emissions and/or adopting a science-based target to reduce GHG emissions in line with the Paris Agreement as part of participating in the Net-Zero Challenge or in an equivalent initiative or standard. Program: Internal Services |
Performance indicator: Percentage of competitive solicitations >$1 million that have incorporated green evaluation criteria Starting point: New program – 0% as of March 31, 2023 Target: 90% by March 31, 2026 |
Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver and of their supply chains. Relevant targets or ambitions: CIF Ambition/Target: Canadians consume in a sustainable manner CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities |
Indicator result: No result available. Notes: OSFI is in the planning stages for achieving this objective. |
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Train managers who make procurement decisions and implement procurement plans, and acquisition cardholders on green procurement options, strategies, and life-cycle considerations. Program: Internal Services |
Performance indicator: Percentage of procurement planners who have received internal training / attended presentations on green procurement Starting point: New program – 0% as of March 31, 2023 Target: 95% by March 31, 2026 |
Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver and of their supply chains. Relevant targets or ambitions: CIF Ambition/Target: Canadians consume in a sustainable manner CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities |
Indicator result: No result available. Notes: OSFI is in the planning stages for achieving this objective. |
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Leverage common use procurement instruments (standing offers, supply arrangement, etc.) that include environmental criteria or considerations, where feasible. Program: Internal Services |
Performance indicator: Percentage of procurement leveraging common-use procurement instruments that include environmental criteria or considerations, relative to the total volume of procurement leveraging common-use procurement instruments Starting point: New program – Baseline information is not available Target: 90% by March 31, 2026 |
Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver and of their supply chains. Relevant targets or ambitions: CIF Ambition/Target: Canadians consume in a sustainable manner CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities |
Indicator result: 91% of common-use procurement instruments leveraged by OSFI included environmental criteria or considerations in 2023-24. |
Goal 13: Take action on climate change and its impacts
FSDS Context: Meeting the 2030 emissions reduction target of 40 to 45% below 2005 levels and the 2050 net-zero target will require a great adjustment while Canada transitions to a low-carbon economy. Canada’s financial system will be a critical enabler of this adjustment. FRFIs and FRPPs must remain safe and sound to be able to play this role. OSFI contributes to this goal by ensuring that FRFIs and FRPPs address risks generally but also the physical and transition risks of climate change specifically. We are collaborating at the national and international levels on research regarding physical and transition risks related to climate change, and on identification and awareness, preparedness and response to climate risk and all-hazards events. Our dedicated Climate Risk Hub and Risk Assessment and Intervention Hub are spearheading new strategies, processes, resources, and tools that promote accountability and transparency regarding climate-risk action, and resilience to the impacts of climate change.
Target theme: Climate Change Mitigation and Adaption
Target: Achieve 40 to 45% greenhouse gas emission reductions below 2005 levels by 2030, and achieve net-zero greenhouse gas emissions by 2050 (Minister of Environment and Climate Change supported by all other Ministers)
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
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Engage with and build capacity and knowledge among FRFIs on climate risk management through the Climate Risk Forum. Program: Regulation and Guidance of Federally Regulated Financial Institutions |
Performance indicator: Percentage of positive feedback from surveyed Climate Risk Forum participants Starting point: New product – The Climate Risk Forum was launched on June 19, 2023, and baseline figures are not available at this point Target: 60 - 80% (annual) |
Canada’s financial system will be a critical enabler to achieving Canada’s net zero ambitions. OSFI has an obligation to ensure that FRFIs manage the risks that will accompany that adjustment. A key component of this is that FRFIs issue public disclosures about climate risk, as outlined in Guideline B-15. Public disclosure may encourage FRFIs to:
Relevant targets or ambitions: CIF Ambition/Target: Canadians are well-equipped and resilient to face the effects of Climate change CIF Indicator: N/A GIF Target: 13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning |
Indicator result: 82% of the Climate Risk Forum participants surveyed said they were satisfied, or very satisfied with the events they attended in 2023-24. Notes: 1,000+ participants attended the first Climate Risk Forum (CRF) on June 19, 2023. |
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Centralize access to climate risk information and disclosures by FRFIs on OSFI’s website. Program: Regulation and Guidance of Federally Regulated Financial Institutions |
Performance indicator: Percentage of in-scope FRFIs publishing climate-related financial disclosures in accordance with Annex 2.2 of Guideline B-15 on OSFI’s website Starting point: New product – Public disclosures on OSFI’s website are expected to be launched in 2025 Target: 100% by March 31, 2027 |
Canada’s financial system will be a critical enabler to achieving Canada’s net zero ambitions. OSFI has an obligation to ensure that FRFIs manage the risks that will accompany that adjustment. A key component of this is that FRFIs issue public disclosures about climate risk, as outlined in Guideline B-15. Public disclosure may encourage FRFIs to:
Relevant targets or ambitions: CIF Ambition/Target: Canadians are well-equipped and resilient to face the effects of Climate change CIF Indicator: N/A GIF Target: 13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning |
Indicator result: Results will be available in fiscal year 2025-26. Notes: Phased in public disclosures will begin in 2025. |
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Work with international partners and standard-setting bodies to inform policy decisions/actions. Program: Regulation and Guidance of Federally Regulated Financial Institutions |
Performance indicator: Qualitative summary statement on OSFI’s active participation in international standard-setting bodies related to financial sector climate risk Starting point: New program Target: OSFI will participate by being a member or chairing international forums and related working groups, and providing feedback on products being produced. (annual) |
Canada’s financial system will be a critical enabler to achieving Canada’s net zero ambitions. OSFI has an obligation to ensure that FRFIs manage the risks that will accompany that adjustment. Working with international partners aids in the development of best practises. Relevant targets or ambitions: CIF Ambition/Target: Canadians are well-equipped and resilient to face the effects of Climate change CIF Indicator: N/A GIF Target: 13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning |
Indicator result: As of 2023-24, OSFI has been an active member of climate risk working groups within:
Notes: Active participation includes chairing workstreams, co-leading projects, contributing to publications and internal reports, presenting OSFI’s climate-risk approach to international members, and involvement in international industry outreach sessions. |
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Ensure that FRFIs are fit to manage the risks that will accompany that adjustment by including climate risk as a transverse risk in the Supervisory Framework, and have it contribute to the overall risk rating. Program: Risk Assessment and Intervention – Federally Regulated Financial Institutions |
Performance indicator: Climate risk is included in the Supervisory Framework Starting point: Under the current Supervisory Framework, the risk matrix used to record risk assessments of regulated entities does not include climate risk as an evaluation factor Target: Climate risk is included in the Supervisory Framework as a transverse risk by April 1, 2024 |
Canada’s financial system will be a critical enabler to achieving Canada’s net zero ambitions. OSFI has an obligation to ensure that FRFIs manage the risks that will accompany that adjustment. Relevant targets or ambitions: CIF Ambition/Target: Canadians are well-equipped and resilient to face the effects of Climate change CIF Indicator: N/A GIF Target: 13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning |
Indicator result: Climate risk was included as a transverse risk category in OSFI’s new Supervisory Framework which was released on February 8, 2024. Notes: The new Supervisory Framework becomes effective on April 1, 2024. |
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Note: The target and/or metric may be revised in the future as more data and insights are collected. |
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Target theme: Federal Leadership on Greenhouse Gas Emissions Reductions and Climate Resilience
Target: The Government of Canada will transition to climate resilient operations by 2050 (All Ministers)
| Departmental action | Performance indicator, starting point, target | How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 Agenda National Strategy and SDGs | Results achieved |
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Develop actuarial climate change scenarios and analysis. Program: Actuarial Valuation and Advice |
Performance indicator: Number of statutory actuarial reports that include hypothetical climate change scenarios Starting point: 1 as of March 31, 2023 – The 31st Actuarial Report on the Canada Pension Plan Target: 3 reports by March 31, 2026 |
This action encourages national social security programs and public pension plans to consider the effect of climate change when planning for the future viability of the program. Relevant targets or ambitions: CIF Ambition/Target: Canadians are well-equipped and resilient to face the effects of Climate change CIF Indicator: N/A GIF Target: 13.2 Integrate climate change measures into national policies, strategies and planning |
Indicator result: 1 report in 2023-24, for a cumulative total of 2 reports from 2022-23 to 2023-24. Notes: The Actuarial Report on the Old Age Security (OAS) as at 31 Dec 2021 was tabled in November 2023, and it includes a section on climate change. The Office of the Chief Actuary is on track to meet this target by March 31, 2026. |
Integrating Sustainable Development
OSFI will continue to ensure that its decision-making process includes consideration of FSDS goals and targets through its Strategic Environmental Assessment (SEA) process. An SEA for a policy, plan or program proposal includes an analysis of the impacts of the given proposal on the environment, including on relevant FSDS goals and targets.
Public statements on the results of OSFI’s assessments are made public when an initiative has undergone a detailed SEA. The purpose of the public statement is to demonstrate that the environmental effects, including the impacts on achieving the FSDS goals and targets, of the approved policy, plan or program have been considered during proposal development and decision making.
OSFI did not complete any detailed SEAs in 2023-24.