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The main changes S-238 would make, in plain reading order.

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S-238 At second reading in the Senate Senate Public Bill

An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts

Short title: Enacting Climate Commitments Act

Sponsor: Rosa Galvez, Senator

Proposed changes

Part 1 enacts the Climate-Aligned Finance Act , which, among other things, establishes the climate commitments and obligations of various entities in relation to these commitments.

Part 2 establishes further obligations for entities — primarily financial entities — in relation to the climate commitments provided for under the Climate-Aligned Finance Act by (a) setting baseline requirements for entities to achieve climate commitments; (b) providing greater certainty and transparency regarding entities’ respect for their responsibilities relative to the global carbon budget; (c) ensuring that supervisory and regulatory authorities develop appropriate oversight and capital adequacy requirements; (d) requiring directors, officers and administrators to align entities with climate commitments; (e) promoting timely and meaningful progress towards entities’ alignment with the stability of both the financial system and climate in relation to systemic risks posed by emissions-intensive activities…

What MPs said

The most recent recorded speeches on this bill. Links go to the official transcript of that sitting.

  • Michael L. MacDonald · Conservative

    Response speech, April 21, 2026 (Senate) · Read the transcript

  • Rosa Galvez · Independent Senators Group

    Sponsor’s speech, February 5, 2026 (Senate) · Read the transcript

Full debates and votes on OpenParliament.ca (an independent site)

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