Toronto Stock Exchange Launches New National Climate Initiative
Toronto Stock Exchange introduces Canada Climate Week Xchange (CCWX), bringing together organisations from across Canada for climate collaboration
In November of last year, Toronto Stock Exchange (TSX) joined the World Federation of Exchanges’ Ring the Bell for Climate campaign, a global initiative that recognises the role financial markets can play in combating climate change. The event provided an opportunity to host stakeholders in the sustainable finance community, and this year acted as a forum to announce the launch of a new national initiative: Canada Climate Week Xchange (CCWX), dedicated to promoting collaboration on Canada’s climate-related challenges and opportunities.
A climate week tailored to the unique Canadian context
Canada Climate Week Xchange (CCWX) is a five-year initiative in which organisations and individuals across Canada will come together to support Canada’s commitment to a significant reduction in greenhouse gas emissions by 2030. CCWX will feature a variety of events and programs, including discussions on the latest research, technology and strategies for mitigating climate change, interactive skill-building workshops and seminars with industry leaders, and networking opportunities. The inaugural CCWX will take place from November 24 to 30, 2025.
While there are similar initiatives in other jurisdictions, such as the Canadian Environmental Week and Climate Week NYC, Canada’s unique perspectives and prospects on climate-related issues require a specific approach.
Canada is a northern country with a large land mass and low population density – factors that create significant challenges for the energy, utilities and grid development required to transition to low-carbon energy sources while managing costs. Canada’s vital natural resources sector is energy-intensive, presenting challenges and opportunities for decarbonisation and for securing the critical minerals needed to create batteries, solar panels and other low-carbon forms of energy infrastructure.
The annual CCWX will build upon TSX’s existing climate-related initiatives, such as capacity building resources on ESG 101, our annual Canadian Climate Investor Conference, and Cleantech Investor Day.
Collaboration essential for effective climate action
A key tenet of CCWX is a focus on collaboration – because collaboration among governments, businesses across a variety of sectors and industries, Indigenous communities and diverse organisations is essential to driving effective climate action. That is why CCWX was founded as a collaboration between Toronto Stock Exchange (TSX), Canada Climate Law Initiative (CCLI), CPA Canada, the First Nations Financial Management Board (FMB), GLOBE Series, and the Responsible Investment Association (RIA) – a coalition of founding members committed to driving innovative solutions on climate action.
At the Ring the Bell event in November, representatives from the founding organisations shared their perspectives on the value of launching this new initiative.
Pat Fletcher, CEO of RIA, expressed that the sheer vastness of the challenges and opportunities brought forth by climate change demand a coordinated response from Canada’s financial sector.
Carol Liao, an associate law professor at Allard Law UBC, and Chair of the CCLI, also expressed that now, more than ever, there is a need to collaborate and welcome meaningful conversations across organisations to address the rapidly developing climate crisis.
Rosemary McGuire, VP of Member Experience at CPA Canada, expressed how inspiring it is to see leaders across Canada’s financial ecosystem come together to share the knowledge and tools needed to reduce emissions and contribute to the transition to a low carbon economy, saying that “...the power of transparent and reliable sustainability information can drive informed decision-making in financial markets and provides a clear and consistent framework for businesses of all sizes, enabling them to effectively track progress toward ambitious climate goals.”
Elizabeth Gamble, President of GLOBE Series, emphasised the importance of collective action by sharing that “CCWX’s vision represents an immense business and financial opportunity in today’s global economy where taking action on climate change creates jobs, it attracts investment, it mitigates business risk and it builds resiliency. Our moment for action is now.”
Harold Calla, Executive Chair of the First Nations Financial Management Board, said: “It is important for First Nations organisations like FMB to contribute to CCWX as First Nations will be disproportionately impacted by climate change, while also holding unique potential to play an outsized role in climate solutions. The events envisioned by this initiative provide a vital platform to highlight both the investments required for climate adaptation in First Nations communities, and the important role First Nations can play in the supply chains that enable greener technologies."
Supporting market participants as they navigate climate-related challenges
At TMX group, a public company ourselves, integrating sustainability into the overall enterprise strategy goes hand in hand with our purpose – to make markets better and empower bold ideas.
With that goal in mind, TMX aims to support all market participants as they evolve their sustainability goals and practices. This includes advocating for calibrated climate and sustainability-related disclosures that focus on material information to support investment decision-making. Within our Exchange Capital Formation group, we have developed tools and education to help advance reporting on climate topics, and to deliver data to global clients in support of ESG integration in investment decision-making processes.
Companies across all sectors must consider the impacts of climate change on their business. Exchanges have a role to play in helping listed issuers, investors and stakeholders across the capital markets ecosystem face these challenges. As the world’s energy transition takes shape, Canada – with our highly skilled workforce, rich natural resources, world-class energy and mining sectors – will be a critical player. Significant investment in innovation, transformation and growth will be required, and capital markets are a crucial source of that financing.
The launch of CCWX marks a step forward in Canada’s trajectory toward sustainability. By coming together to pursue a common objective, Canadian businesses, policymakers and communities can create a cohesive strategy for climate action that is both economically viable and environmentally impactful.
Participating in CCWX 2025
CCWX’s founding members invite Canadian organisations and individuals to apply to have their event included in CCWX 2025. The inaugural climate week aims to include a variety of in-person and virtual events that are accessible for Canadians from across the country to participate in. To be eligible for CCWX, events must be action-oriented and focused on advancing climate initiatives, and applications should include a summary of the event outcome. More information to apply and host an event with CCWX can be found at www.ccwx.ca.
Disclaimer:
The views, thoughts and opinions contained in this Focus article belong solely to the author and do not necessarily reflect the WFE’s policy position on the issue, or the WFE’s views or opinions.