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Canadian Bankers Want to Include Oil in Push for Sustainable Finance

  • Transition to clean tech in energy industry will need finance
  • ‘Canada needs to be at the table,’ head of task force says
Views Of Vancouver As Nafta's Latest Deadline Passes Without A Deal
Photographer: Darryl Dyck/Bloomberg

Canada’s financial industry is girding for battle as it pushes to include its vast energy resources in one of the hottest sectors of global finance -- the multi-trillion market for green and sustainable assets.

Allowing industries like the oil sands to tap the sustainable debt market may seem like an oxymoron but Canada argues finding a way to finance the industry’s transition to greener technologies will be key to cutting emissions. A task force, made up of bankers, investors such as pension funds and social groups is developing nationwide classifications for the market before joining global talks where it is expected to meet stiff resistance.