Canada Reconsiders Oil and Gas Role in Sustainable Finance Taxonomy

Canada is reevaluating its stance on including oil and gas investments in its sustainable finance taxonomy. As of last year, more than 60 national and regional taxonomies were being developed worldwide after the EU popularized the concept.

The Syncrude oil sands extraction facility in Alberta, Canada has sparked debate among taxonomy experts and those leading the framework over whether to include upstream oil and gas investments. This comes as a response to growing concerns about environmental credentials in economic activities.