Bill S-243 explained in plain English
An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 44th Parliament, 1st Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
The Climate-Aligned Finance Act mandates financial institutions to align operations with Canada's climate goals through reporting requirements, investment restrictions, and governance reforms.
The Climate-Aligned Finance Act requires financial institutions and certain entities to align their operations with Canada's climate goals. Key provisions include: (1) Defining 'climate-aligned' as meeting emissions reduction targets and avoiding high-carbon activities; (2) Mandating reporting on climate risks and mitigation strategies; (3) Restricting investments in speculative technologies and high-emission projects; (4) Establishing a Superintendent to oversee compliance and set standards; (5) Requiring boards of directors to include climate expertise; (6) Amending the Financial Administration Act to integrate climate commitments into financial regulations; (7) Creating an independent review process every three years to assess progress. The Act comes into force on a date to be proclaimed after provincial consent for Part 4.
- Requires financial institutions to report on climate risks and mitigation strategies
- Limits investments in speculative technologies and high-emission projects
- Establishes a Superintendent to oversee compliance and set climate standards
- Amends the Financial Administration Act to integrate climate commitments into financial regulations
- Mandates board-level climate expertise for regulated entities
- Creates an independent review process every three years to assess progress
- Financial institutions
- Investment funds
- Insurance companies
- Superintendent of Financial Institutions
- Board members of regulated entities
- The exact date of coming into force is not specified in the text
- The scope of 'speculative technologies' is not defined in the bill
- The process for provincial consent for Part 4 is not detailed
Financial institutions must now consider climate risks and emissions reduction targets in their operations and reporting.
The Canada Pension Plan Investment Board must ensure its investments align with Canada's climate commitments.
Climate targets from the Net-Zero Emissions Accountability Act now apply to financial institutions' investment decisions.
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
Bill S-243, an Act to enact the Climate-Aligned Finance Act, completed its first reading in the Senate on March 24, 2022, and has since undergone second reading and committee consideration.
This artifact details the procedural steps for Bill S-243 in the Senate. It indicates that the bill received its first reading on March 24, 2022. It then proceeded to second reading on April 7, 2022, with major speeches occurring on various dates in May 2022, March 2023, May 2023, and June 2023. The bill was subsequently referred to a committee on June 8, 2023, for consideration, with committee meetings held on several dates between November 2023 and May 2024. The bill's current status is 'At consideration in committee in the Senate'.
Bill S-243, concerning climate-aligned finance, was introduced and read for the first time in the Senate, marking the beginning of its legislative journey.
On March 24, 2022, in the Senate, Bill S-243, titled "An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts," was introduced and received its first reading. This means the bill has been formally presented to the Senate and will proceed to further stages for debate and potential amendment. The Senate also addressed other business, including notices of motions regarding hybrid sittings and administrative rules, question period, and the adjournment of debates on other bills.
The Senate completed the second reading of Bill S-243 on April 7, 2022, and referred it to committee for further review on June 8, 2023.
The Senate completed the second reading of Bill S-243 on April 7, 2022, during Sitting 34. This procedural step allowed the bill to advance to committee consideration. On June 8, 2023 (Sitting 132), the bill was formally referred to a committee for further review, marking the start of detailed examination. During this stage, Senator Michael L. MacDonald (Conservative) delivered a response speech addressing the bill. The bill remains in committee consideration as of the latest recorded activity.
During a Senate sitting on April 7, 2022, Bill S-243, concerning climate-aligned finance, was introduced at second reading, but the debate was adjourned, with the sitting proceeding to address numerous other items.
On April 7, 2022, the Senate met for a second reading debate on Bill S-243, An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts. While the debate on Bill S-243 itself is not detailed in this record, the sitting included various other proceedings such as Senators' Statements on topics like open banking and the Gwich’in Comprehensive Land Claim Agreement, Routine Proceedings involving committee reports, Question Period discussing the budget and foreign affairs, and the consideration of several other bills. The debate on Bill S-243 was adjourned, meaning it was not concluded during this sitting.
During the Senate's second reading debate on Bill S-243, the sponsor explained the bill's purpose to align Canada's financial sector with climate commitments through measures like mandatory reporting, target setting, and risk assessment, aiming to foster transparency and accountability in the transition to a low-carbon economy.
This artifact records a debate in the Senate on April 7, 2022, specifically concerning the sponsor's speech for Bill S-243, An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts. The debate covered the purpose and potential impacts of the bill, with the sponsor explaining its role in aligning Canada's financial sector with its climate commitments. Discussions also touched upon the broader context of climate change, financial risks, and the need for legislative action to ensure Canada remains competitive and prosperous in a transitioning global economy. The speech highlighted that Bill S-243 aims to introduce measures such as clarifying fiduciary duties regarding climate risk, requiring federal financial institutions to set targets and report on climate alignment, establishing capital adequacy requirements reflecting climate risks, and developing an action plan for aligning financial products with climate commitments. It also emphasized the importance of Indigenous perspectives and public review processes. The debate occurred during the second reading stage of the bill, with its referral to committee anticipated.
On May 5, 2022, the Senate held a tribute to retiring Senator Terry M. Mercer, addressed questions on various government matters, and adopted a motion to extend hybrid sittings.
This document details a sitting of the Senate on May 5, 2022. The primary focus was a tribute to Senator Terry M. Mercer, who was retiring. Senators from different parties shared personal anecdotes and acknowledged his nearly 19 years of service, highlighting his work in politics, fundraising, charitable causes, and his role within the Progressive Senate Group. The sitting also included routine proceedings, question period on various topics including the Emergencies Act, Indigenous fishery, and the Canada Disability Benefit, and the continuation of debate on several bills. A motion to extend hybrid sittings until June 30, 2022, was adopted, as was a motion to adjourn the Senate.
On May 12, 2022, the Senate debated Bill S-243 at second reading, with Senator Lucie Moncion discussing its proposals for managing climate-related financial risks and the need for a committee study on the economic impacts of the transition.
This document is a record of a Senate sitting on May 12, 2022, which included debates on several bills, senators' statements on various topics, and responses to oral questions. Specifically, the sitting included a debate at the second reading stage for Bill S-243, An Act to enact the Climate-Aligned Finance Act. During this debate, Senator Lucie Moncion spoke about the bill, highlighting its focus on financial institutions and environmental risks, and suggesting that a committee study should consider the economic impacts of the transition to a low-carbon economy.
The Senate sat on March 28, 2023, beginning with tributes to former Senator Landon Pearson, followed by routine proceedings, question period on various government matters, and extensive debate on multiple bills and motions, including those concerning climate change, intimate partner violence, and medical assistance in dying.
On March 28, 2023, the Senate of Canada met. The sitting began with tributes to former Senator Landon Pearson, who was remembered for her extensive advocacy for children's rights. The Senate also welcomed visitors, including diplomatic representatives and family members of Senator Pearson. Routine proceedings included the tabling of the Auditor General's Spring Reports and the adoption of a motion to print the address by the President of the United States as an appendix to the Debates of the Senate. The Senate also received the first reading of a bill to amend the Income Tax Act. Question Period covered topics such as Canada-China relations, the Royal Canadian Mounted Police, international students, health research funding, government contracts, and the Canada Emergency Business Account. The Senate then proceeded to Orders of the Day, debating various bills, including those concerning online news, appropriation bills, protection of young persons from pornography, pension protection, health-centred approaches to substance use, federal frameworks on autism spectrum disorder, climate commitments, the Criminal Code, and strategies for preventing intimate partner violence. The sitting also included debates on motions related to climate change, parliamentary procedures, and the real property qualifications of senators. The sitting was adjourned at the end of the day.
The Senate debate records detail procedural discussions on legislative bills, environmental justice, health research, and constitutional matters, with motions to extend committee reports and adjourn the Senate, but no final outcomes are specified.
The provided text contains a series of Senate debate records from Canada, covering various legislative and procedural topics. Key elements include: 1. Senate Agenda and Bills: The Senate discussed its agenda, including bills like C-226 (Assisted Human Reproduction Act) and C-230 (National Women’s Health Research Initiative). A motion to extend the Standing Senate Committee on Legal and Constitutional Affairs' report on the Constitution was debated. 2. Senate Composition and Role: The role of the Speaker and the Senate's composition were addressed, including the importance of the Senate's role in legislative scrutiny. 3. Environmental and Health Issues: Discussions highlighted environmental racism, such as the Grassy Narrows case, and health determinants like the Index of Remoteness. The National Women’s Health Research Initiative was mentioned as a potential legislative measure. 4. Procedural Motions: Motions to adjourn, extend committee reports, and consider bills were debated. For example, a motion to adjourn the Senate was proposed but not adopted. 5. Foreign Policy and Legal Affairs: The Senate addressed foreign policy matters, including the Canada-United States-Mexico Agreement (CUSMA), and legal issues related to constitutional amendments. 6. Legislative Process: The text reflects the Senate's role in reviewing bills, debating motions, and ensuring legislative scrutiny, with procedural steps like committee reports and motion voting. The records emphasize procedural debates, legislative review, and thematic discussions on health, environment, and constitutional matters without specifying final outcomes or legal effects of bills.
The Senate debated multiple bills during the June 8, 2023 sitting, including amendments to the Criminal Code on medical assistance in dying, repeal of corporal punishment provisions, tax deductions for tradespersons, and a private bill on corporate amalgamation.
The Senate debated several bills during the June 8, 2023 sitting. Key topics included: (1) Bill S-243, which proposes amendments to the Criminal Code regarding medical assistance in dying, with discussion on its second reading and potential delays in existing processes. (2) Bill S-248, which also addresses medical assistance in dying, with debate on whether to refer it to a committee for further review. (3) Bill S-251, which seeks to repeal section 43 of the Criminal Code (allowing corporal punishment of children), with discussion on its merits and concerns raised by previous debates. (4) Bill C-241, which amends the Income Tax Act to provide tax deductions for travel expenses of tradespersons, with support for its second reading. (5) A private bill, Bill S-1001, which proposes to amalgamate two Roman Catholic Episcopal Corporations, with support for its second reading.
The Senate debate transcript outlines discussions on multiple bills, including referrals to committees, debates on legal provisions, and motions, with some details remaining unspecified in the official text.
The Senate debate transcript includes discussions on several bills and motions. Key points include: (1) Bill S-243 was referred to the Standing Senate Committee on Banking, Commerce and the Economy for further review. (2) Bill S-251, related to section 43 of the Criminal Code, was debated with concerns about its impact on Indigenous communities. (3) Bill C-241 was mentioned in the context of its second reading. (4) Bill S-1001 was discussed regarding its potential to address systemic issues. Other entries mention motions to adjourn, calls for debate on specific topics, and references to parliamentary procedures. The official text is unclear on some details, such as exact amendments proposed or final outcomes of motions.
Bill S-243 is undergoing committee consideration in the Senate as of May 9, 2024, following its referral to committee on June 8, 2023.
This record shows Bill S-243 is currently being reviewed in committee by the Senate. The bill was referred to committee on June 8, 2023, and ongoing consideration is taking place. Key procedural dates include its first reading on March 24, 2022, and second reading on April 7, 2022. Major speeches related to the bill occurred during its second reading phase in 2022 and 2023, with recent activity noted on May 9, 2024. This stage involves committee review but does not itself amend laws. Further details are available at the provided URL.
Bill S-243, concerning climate-aligned finance, has progressed to the Senate Report stage, though this specific stage has not yet occurred, following committee consideration and second reading.
The Senate has reached the Report stage for Bill S-243, but this specific stage has not yet been reached. The bill was referred to committee on Thursday, June 8, 2023. The artifact indicates previous actions including first reading on Thursday, March 24, 2022, and second reading on Thursday, April 7, 2022. There were several major speeches recorded during the second reading and committee consideration phases, with dates ranging from Thursday, May 5, 2022, to Thursday, May 9, 2024. The artifact also notes speeches by Senator Rosa Galvez and Senator Michael L. MacDonald.
Bill S-243 has been referred to a Senate committee for consideration and has not yet reached third reading.
This artifact describes the procedural status of Bill S-243 in the Senate. The bill has progressed through first and second readings and has been referred to a committee for consideration. It has not yet reached the stage of third reading in the Senate. Major speeches were made during the second reading and consideration in committee stages.
The House of Commons First reading stage for Bill S-243 has not yet been reached, with the bill currently under consideration in a Senate committee.
This artifact indicates that the "House of Commons First reading" stage for Bill S-243 has not yet been reached. The bill's current status is "At consideration in committee in the Senate," with its latest activity being a referral to a Senate committee on June 8, 2023. The first reading of the bill in the House of Commons occurred on March 24, 2022.
Bill S-243 is currently under consideration in a Senate committee, after having reached Second Reading in the House of Commons but with that stage not yet having been reached.
The artifact indicates that Bill S-243 reached the Second Reading stage in the House of Commons but this stage has not yet been reached. The bill has since been referred to a committee in the Senate and is currently under consideration in committee there. The artifact lists dates for major speeches during the Second Reading in the House of Commons and for committee meetings in the Senate.
Bill S-243 has reached the 'Consideration in committee' stage in the House of Commons, but this stage has not yet occurred, while its Senate proceedings are detailed.
The provided text indicates that Bill S-243 has reached the stage of 'Consideration in committee' in the House of Commons. However, the 'Stage state' is listed as 'Not reached', meaning this procedural step has not yet occurred in the House of Commons. The text details the bill's progress in the Senate, including its referral to a committee, first and second readings, and dates for consideration in committee in the Senate. It also lists some major speeches given during its Senate proceedings.
Bill S-243 has not yet reached the Report stage in the House of Commons and is currently being considered by a committee in the Senate.
This artifact indicates that Bill S-243, concerning climate-aligned finance, has not yet reached the Report stage in the House of Commons. The bill's current status is under consideration by a committee in the Senate. The provided text details the bill's progression through various stages, including first and second readings in the Senate, and committee discussions in the Senate, along with dates for these events and some of the major speeches delivered.
Bill S-243 has not yet reached the third reading stage in the House of Commons and is currently under Senate committee consideration, with key dates and speeches from its Senate progression noted.
This artifact describes the legislative process for Bill S-243. It indicates that the bill has reached the 'House of Commons Third reading' stage, but this stage has not yet been reached. The bill is currently under consideration by a committee in the Senate. The artifact lists key dates for the bill's progression, including first and second readings in the Senate, and several dates for committee consideration in the Senate. It also notes major speeches made during the second reading in the Senate by Senator Rosa Galvez and Senator Michael L. MacDonald.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced