In our year-ahead outlook, the RBC Capital Markets’ Sustainable Finance Group provides an overview of three key themes that we believe will define progress on ESG matters in 2023. January 2023 marks four years since RBC Capital Markets launched the Sustainable Finance Group and we have witnessed considerable market growth and evolution in the years following the establishment of our team. Our annual year-ahead piece has captured these evolving trends over the years, including the growth of sustainability-linked loans, the rise of corporate ESG target-setting, and a coming of age for carbon markets. In 2022, we observed a notable pivot in the sustainable finance market, which we did not anticipate but welcome as a sign of maturation and integrity. These changes have informed our approach to identifying the three key themes that we believe will shape progress on ESG matters in the year ahead.