Finance Minister Annual Climate Finance Report

Summary#

This order brings section 23 of the Canadian Net‑Zero Emissions Accountability Act into force on the day the order was made (March 31, 2023). That section requires the Minister of Finance to prepare and publish an annual report on how the federal public administration is managing climate‑related financial risks and opportunities.

What it does#

• Makes section 23 of the Canadian Net‑Zero Emissions Accountability Act come into force on March 31, 2023 (the day the order was made).
• Requires the Minister of Finance, working with the Minister of the Environment and Climate Change, to prepare and publish an annual report on key measures the federal public administration has taken to manage financial risks and opportunities from climate change.
• Notes that all other sections of the Act came into force on June 29, 2021.
• Says the government intends to publish the first report covering 2023–2024 by the end of 2024, and to publish such a report each year thereafter.
• States there are no new costs and that Department of Finance Canada will use existing resources to implement this.

Who's affected#

• The main duty falls on the federal public administration and the Minister of Finance (with support from Environment and Climate Change Canada).
• Officials and units across federal departments that track or manage financial risks from climate change will be involved in producing the report.
• Canadians, journalists, researchers, investors, and others who follow government transparency on climate and financial risk will be the audience.
• It does not, on its face, create new rules for provinces, businesses, or individuals — it sets a reporting requirement for the federal government.

Why it matters#

• The report should give a clearer picture of how the federal government is assessing and managing money‑related risks from climate change (for example, budget exposure, contingent liabilities, and opportunities).
• That information can help voters, investors, and watchdogs judge whether the government is preparing its finances for climate impacts.
• Because the government says no extra funding is needed, this is intended as a transparency and accountability step rather than a new spending program.