Government of Canada strengthens social equity and gender equality in the financial sector with new tool and funding to support implementation
November 29, 2024 – Ottawa, ON
The Government of Canada is taking action to strengthen social equity and gender equality in the financial sector. Today, the Minister of Finance, the Honourable Chrystia Freeland, announced a new tool and funding to support the implementation of the Task Force on Social Finance’s recommendations.
The Task Force on Social Finance was established in 2021 to provide advice to the Government of Canada on how to harness the potential of social finance to address social and environmental challenges. The Task Force’s final report, released in June 2022, made a number of recommendations to strengthen the social finance ecosystem in Canada.
One of the key recommendations of the Task Force was to create a new tool to help organizations measure and manage their social and environmental impact. Today, the Government of Canada is launching the Social Finance Impact Measurement Framework. This framework will provide organizations with a common set of metrics and indicators to measure their impact on social and environmental outcomes.
The Government of Canada is also providing $10 million over two years to support the implementation of the Task Force’s recommendations. This funding will be used to support organizations that are developing and delivering social finance solutions, as well as to build capacity in the social finance sector.
“Our government is committed to building a more equitable and sustainable financial sector,” said Minister Freeland. “The measures we are announcing today will help to strengthen the social finance ecosystem in Canada and support organizations that are working to make a positive impact on our communities.”
The Social Finance Impact Measurement Framework and the funding to support the implementation of the Task Force’s recommendations are part of the Government of Canada’s broader efforts to promote social equity and gender equality in the financial sector. These efforts include:
- The launch of the Women in Finance Charter, which is a voluntary commitment by financial institutions to promote gender equality in the workplace
- The creation of the Office of the Chief Data Officer, which is responsible for promoting the use of data to improve decision-making and reduce inequality
- The development of a National Strategy on Financial Inclusion, which is aimed at improving access to financial services for all Canadians
These measures are a significant step forward in the Government of Canada’s efforts to build a more equitable and sustainable financial sector. By supporting organizations that are working to make a positive impact on our communities, we can create a more just and prosperous society for all Canadians.
Additional information
- The Social Finance Impact Measurement Framework is available on the Government of Canada’s website.
- The Task Force on Social Finance’s final report is available on the Government of Canada’s website.
Media contact Media Relations Department of Finance Canada fin.media-media.fin@canada.ca 613-369-4000
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