Mémoire public de l’Institut climatique du Canada

The Canadian Climate Institute evaluates the Office of the Superintendent of Financial Institutions' (OSFI) Standardized Climate Scenario Analysis Exercise (SCSAE), arguing that while it is a positive step toward normalizing climate risk management for federal financial institutions, it is currently 'exagérément simplifié'. The Institute recommends that the SCSAE move beyond simple exposure analysis to incorporate asset vulnerability, regional differences within Canada, and the economic opportunities presented by the clean energy transition to avoid distorting the financial risk landscape.

• Climate change poses significant threats to Canada's financial health, with over 70% of national goods exports at risk of market disruptions caused by the transition. Additionally, physical effects of the climate transition between 2015 and 2025 are projected to reduce Canada's annual economic growth by $25 billion, representing 50% of its predicted GDP growth.
• The SCSAE's market and credit modules focus exclusively on transition risks and fail to analyze the opportunities created by the shift to clean energy, which could lead to an overestimation of anticipated damages.
• The SCSAE currently lacks subnational or local analysis, ignoring regional differences within Canada. This is particularly relevant as provinces like British Columbia, Manitoba, and Quebec are ahead in clean electricity due to hydroelectric resources.
• The physical risk module of the SCSAE only addresses exposure to physical hazards rather than actual physical risks, as it fails to integrate the concept of asset vulnerability.
• The Institute suggests that the SCSAE should focus on a small number of major physical risks, such as flooding, using a methodology that incorporates asset characteristics, rather than attempting a general risk assessment of limited importance.
• The real estate module is criticized for treating energy sources and greenhouse gas intensity as risk indicators rather than basic data, and it fails to account for broader climate policies such as carbon pricing rebates and workforce recycling.
• In its current form, the SCSAE is described as overly simplified and lacking clear practical value for federal financial institutions that already possess baseline scenario analysis experience.

APA

Canadian Climate Institute (2023). Mémoire public de l’Institut climatique du Canada. https://institutclimatique.ca/publications/recommandations-pour-un-exercice/

Chicago

Canadian Climate Institute. Mémoire public de l’Institut climatique du Canada. 2023. https://institutclimatique.ca/publications/recommandations-pour-un-exercice/.

Wikipedia

{{cite press release |author=Canadian Climate Institute |title=Mémoire public de l’Institut climatique du Canada |date=21 December 2023 |url=https://institutclimatique.ca/publications/recommandations-pour-un-exercice/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{canadianclimateinstitute2023mmoire, author = {{Canadian Climate Institute}}, title = {{Mémoire public de l’Institut climatique du Canada}}, publisher = {Canadian Climate Institute}, year = {2023}, month = dec, url = {https://institutclimatique.ca/publications/recommandations-pour-un-exercice/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }