Valcourt, Quebec, October 14, 2021 – BRP’s innovations have gained distinction once again in one of the world’s toughest design competitions, Good Design Australia. In recognition of the 2021 theme “Design for a brighter future” as well as their ingenuity, creative design, and dedication, BRP’s team was awarded two prestigious prizes in the Automotive and Transport category for the Can-Am Commander XT-P and the LinQ Modular Box.

Dr. Brandon Gien, CEO of Good Design Australia said: “Receiving an Australian Good Design Award is testament to embedding design excellence at the heart of a product, service, place or experience. Although 2021 continues to be another challenging year, it is incredibly inspiring to see designers and businesses working together to find innovative, customer-centric design solutions to local and global challenges and to see them recognised and rewarded for their efforts through these prestigious Awards.”

“BRP’s teams continue to do what they do best: deliver above and beyond customer and industry expectations, while adding to its impressive innovation & design award collection, with more than 30  international design awards in the last 2 years,” said Denys Lapointe, Senior Vice-President, Design, Innovation and Creative Services at BRP. “I couldn’t be prouder that our team seamlessly integrated BRP’s rich heritage of design and innovation with its vision for a bright, adventurous future,” he added.

About the Can-Am Commander XT-P
The new Can-Am Commander XT-P is fun to drive with its efficient, high-performance engine, its Fox Suspension, 30 in. XPS HammerForce tires on 15 in. cast-aluminium beadlock wheels, LED headlights, and our innovative Smart-Lok front differential. We also upped its ergonomics to make it comfortable for work or play. Its improved cargo capacity means it can just as easily transport camping or hunting gear, as well as animal feed or wood cuttings.

About the LinQ Modular Box
Secure storage capacity on a powersports vehicle that won’t hinder performance is the key to a successful adventure. Rough terrain and extreme conditions can make storage a challenge. Our box system was designed to stay securely attached to our machine, giving peace of mind to our riders. The versatility of our stackable LinQ boxes allows for numerous storage combinations on every BRP platform.

About Good Design Australia
Good Design Australia is one of the oldest and most prestigious international design awards in the world, promoting excellence in design and innovation since 1958.

About BRP
We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.0 billion from over 120 countries, our global workforce is made up of approximately 14,500 driven, resourceful people.

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Quintrex, Stacer, Savage and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

For information:
Biliana Necheva
Senior Advisor, Media Relations
[email protected]

Joint Statement on the Eighth U.S.-India Economic and Financial Partnership

WASHINGTON, DC—Today, U.S Treasury Secretary Janet L. Yellen and Indian Finance Minister Nirmala Sitharaman met for the eighth U.S.-India Economic and Financial Partnership.

Following the conclusion of the dialogue, Secretary Yellen and Minister Sitharaman released the following joint statement:

We were pleased to participate in the eighth ministerial meeting of the Economic and Financial Partnership and to welcome Federal Reserve Chair Jerome Powell, Reserve Bank of India Governor Shaktikanta Das, and other participants.  

The U.S. Treasury and India’s Ministry of Finance launched our Economic and Financial Partnership in 2010 as a framework to cement the economic bonds between our two nations and build a foundation for greater cooperation and economic growth in the future.  At this meeting of the Economic and Financial Partnership — the first since the onset of the global COVID-19 pandemic — we reiterated that regular and productive dialogue on economic policies is crucial to the U.S.-India relationship and to achieving our shared global future.  

During the ministerial meeting, we took stock of the extensive efforts that have already been undertaken by both sides to deepen mutual understanding and highlighted new elements of the vital bilateral relationship.  We had productive discussions on a range of subjects, including the macroeconomic outlook and recovery from the pandemic, financial regulatory and technical collaboration, multilateral engagement, climate finance, and anti-money laundering and combating the financing of terrorism (AML/CFT).

We acknowledged the unprecedented impact that the COVID-19 crisis has had on lives and livelihoods.  We also addressed the importance of maintaining supportive policies until a strong and inclusive recovery is firmly entrenched.  

Today’s meeting featured the Economic and Financial Partnership’s first session dedicated to climate finance, reflecting our respective commitments to driving urgent progress in combatting climate change and the critical role of climate finance in achieving this shared global goal.  We shared views on the re-energized global efforts to increase climate ambition as well as our respective domestic efforts to meet our publicly expressed climate goals.  We agreed that public finance, when paired with enabling policies, can promote private finance.  We reaffirmed the collective developed country goal to mobilize $100 billion annually for developing countries from public and private sources, in the context of meaningful mitigation actions and transparency on implementation.  We intend to engage further on addressing climate change between our two ministries, as well as through the Finance Mobilization pillar of the recently launched Climate Action and Finance Mobilization Dialogue (CAFMD) under the U.S.-India Climate and Clean Energy Agenda 2030 Partnership.

We reemphasized our commitment to the central role of multilateral cooperation in addressing global challenges.  Both sides affirmed their commitment to debt sustainability and transparency in bilateral lending.  We acknowledged the importance of working through multilateral development banks to help India access and mobilize available financing to support development objectives, including for climate.  We welcome the OECD/G20 Inclusive Framework political agreement on October 8 as representing a significant accomplishment for updating the international tax architecture to reflect the modern economy and establish an international tax system that is more stable, fairer, and fit for purpose for the 21st century.  We should work together and with other partners at the technical level in order to expeditiously implement Pillars 1 and 2 by 2023.  We take note of the progress made in sharing financial account information between the two countries under the Inter-Governmental Agreement pursuant to the Foreign Account Tax Compliance Act (FATCA).  The two sides should continue to engage in discussions on full reciprocal arrangement on FATCA.  The two sides look forward to continued collaboration for increased cooperation in sharing of information for tackling offshore tax evasion.  

We plan to continue engaging on these and other global economic issues both multilaterally and bilaterally.  India and the United States look forward to continued collaboration to support the global recovery under the G20 Presidency of Indonesia next year.  As India prepares for its 2023 G20 Presidency, the United States stands ready to support India in hosting a successful and productive year.

The United States and India continued our strong collaboration on financial regulatory issues.  In June of this year, financial regulators from both sides met for the tenth U.S.-India Financial Regulatory Dialogue to discuss a range of issues, including banking and insurance sector reform, capital markets development, payment system modernization, and data protection frameworks.  In our discussions, we highlighted important structural reforms both sides have taken to strengthen their respective domestic financial systems and recognized areas where further efforts can promote growth and financial stability.  The United States and India look forward to discussions on emerging financial sector topics, such as cross-border payments and payment systems and the development of the International Financial Services Centre at GIFT City.

We are continuing our successful collaboration on attracting more private sector capital to finance India’s infrastructure needs, which will support growth in both countries.  The United States continues to provide technical support to India’s National Infrastructure and Investment Fund (NIIF), including the scaling of debt and equity platforms devoted to renewable energy and implementing new environmental, social, and corporate governance policies to meet international standards, while catalyzing private institutional investment in Indian infrastructure.  We are also collaborating through continued technical support for the issuance of municipal bonds, including Green Bonds, for critical urban infrastructure improvements.  India and the United States look forward to working together to prepare more cities to issue municipal bonds. 

We continue to strengthen our cooperation in tackling money laundering and combating the financing of terrorism through increased information sharing and coordination.  Both sides agree on the importance of fighting financial crimes and on the effective implementation of the Financial Action Task Force standards to protect our financial systems from abuse.

This eighth meeting of the Economic and Financial Partnership reflected the growing importance of the U.S.-India relationship and the increasing economic and financial ties between our two economies.  Both sides eagerly anticipate continued dialogue under the Economic and Financial Partnership and the further strengthening of our bilateral relationship. 


Statement from Secretary of the Treasury Janet L. Yellen for the Joint IMFC and Development Committee

WASHINGTON – The COVID-19 pandemic again overshadows the Annual Meetings of the International Monetary Fund and World Bank, continuing to exact its human and economic toll on our communities. I share the grief of those who have lost family and friends. New COVID variants heighten risks and threaten to exacerbate the already divergent economic recovery underway. We indeed face tough global challenges ahead, and the best way forward is working together.

The U.S. economy has surpassed its pre-pandemic level bolstered by substantial fiscal and monetary policy support and early vaccination efforts. The American Rescue Plan, passed earlier this year, continues to provide support for families and businesses struggling with the impact of the pandemic. Major economies have a tremendous opportunity to utilize their fiscal space to continue to support their economies through the uncertainty of the pandemic. We also have an opportunity to foster a greener, more inclusive, more resilient recovery. To this end, the Biden Administration is now advancing a broad agenda to make significant investments in our infrastructure, human capital, clean energy, housing, and healthcare to strengthen our economy and address longstanding structural challenges.

We must intensify our efforts to increase the pace of vaccinations and the deployment of life-saving therapeutics to truly halt this pandemic. The United States is playing its part in addressing the immediate health impact of the pandemic by sharing over 180 million vaccine doses and committing to provide over 1.1 billion doses by the end of 2022. The Biden Administration has also been supportive of efforts to strengthen global pandemic preparedness. We support the establishment of a Global Health and Finance Board to create a regular forum for health and finance policymakers to coordinate actions in monitoring and responding to future health threats that pose a significant global risk. In addition, we support the establishment of a Financial Intermediary Fund, or FIF, housed at the World Bank, to provide dedicated financing for investments to prevent, detect, and prepare for future health threats, and catalyze disease surveillance and improved health system capacities. A FIF could also have flexibility to provide direct support to a variety of implementing partners, which may not be eligible for financing through existing mechanisms.

In addition to over $250 billion in financial support, the World Bank and the IMF partnered with key multilateral organizations to establish the Multilateral Leaders Task Force on COVID-19 (MLTF) to provide key data and address bottlenecks in global vaccine availability and delivery. The MLTF has a strong role to play in stepping up our collective pandemic response, including by helping countries get ready to take delivery of increasing amounts of vaccines in the months ahead and are prepared to get shots in arms.

As the crisis continues, the leadership, coordination, and innovation of the World Bank and the IMF will be vital for a successful and durable recovery. After the International Development Association (IDA) stepped up its financing and frontloaded resources over the past year, the United States, other donors, and Management advanced the IDA-20 replenishment by one year. In IDA-20, I encourage World Bank leadership to support IDA countries in enhancing investments to address crisis and pandemic preparedness, increasing debt vulnerabilities, and inclusion for all, including women, girls, and LGBTQIA+ people. At a time when shareholders face significant competing demands, reforms associated with the 2018 Capital Package allowed the International Bank for Reconstruction and Development (IBRD) and International Finance Corporation (IFC) to stretch their financial capacity, underscoring their value. It is critical that the World Bank continue to manage its resources prudently, judiciously allocating resources to those countries that need it the most while implementing its graduation policy.

The IMF has already taken steps to build on the emergency support it provided to members since the beginning of the pandemic, with the new SDR allocation providing additional liquidity for countries to bolster reserves and fight the ongoing crisis. The IMF should work diligently to advise members on how best to use their new SDR resources responsibly and transparently. To amplify the benefits of the SDR allocation for low-income and other vulnerable countries, economies with the ability to do so should channel some of their SDRs to those countries that need them most through both the Poverty Reduction and Growth Trust (PRGT) and a new Resilience and Sustainability Trust (RST) at the IMF.

The RST will be an important step to support vulnerable countries undergoing structural transformations that will strengthen public health systems and create more sustainable, low-emission and climate resilient economies. To make the RST effective, the IMF will need to work closely with the World Bank to leverage the Bank’s subject matter expertise when designing health and climate policy conditionality. IMF Governors should take this moment to voice our strong support for establishing the RST at the IMF and call on the IMF and World Bank to work hand in hand on making the RST an effective tool to support sustainable, medium-term growth.

Going forward, both the World Bank and the IMF will need to strengthen policies and practices to help address debt vulnerabilities. Additional IMF lending through vehicles like the PRGT and the RST will require robust debt sustainability analyses to underpin the necessary adjustments countries will have to make. The World Bank should also pursue further innovations to improve and increase creditor transparency and work with clients to publish better debt data as part of its implementation of the Sustainable Development Finance Policy.

The international community will also need to reaffirm its existing commitments to support debt sustainability in poor and vulnerable countries. Over the past year and a half, the United States has coordinated with other G20 members to develop and implement the Debt Sustainability Suspension Initiative (DSSI), to help the poorest countries respond to the pandemic, and the Common Framework to reduce debt vulnerabilities. Swift action in responding to Common Framework requests is necessary to help low-income countries restore debt sustainability. To that end, I call on all official bilateral creditors to participate constructively in debt restructuring processes, including by providing timely financing assurances.

Climate is an existential threat and one that requires a global response commensurate with the size of the challenge. This is an important year for climate as countries gather next month in Glasgow to raise our collective global ambition. In the lead up to COP-26, the Biden Administration is redoubling our pledge to provide international climate finance and encouraging strong action on climate through the international system. I commend the IMF for its efforts to incorporate climate into its engagement with countries, including potential lending through the RST and integration of climate resilience and adaptation into its surveillance assessments. The World Bank, as well as other Multilateral Development Banks (MDBs) need to be at the forefront of high-impact operations that have a significant effect on reducing country emissions, protecting critical ecosystems, and building resilience against the impacts of climate change.

We welcome the recently revised Climate Change Action Plan (CCAP) and the World Bank Group’s increased climate finance targets and look forward to additional progress. In particular the World Bank Group should demonstrate leadership through minimizing support for fossil fuel investments while increasing energy access, and fully and urgently aligning its activities with the goals of the Paris Agreement. As a top priority for accelerating the transition to net zero, the World Bank Group should focus on further ways to mobilize private capital for climate-aligned and sustainable investment, and assist developing countries in creating an enabling environment for climate-friendly finance. For this reason, I call on the World Bank Group to craft a plan to double its mobilized private climate finance by 2025. I ask the other MDBs to do the same.

As we continue to work together on tackling climate change through diversifying global energy supply, we will need to address the problem of forced labor in the solar supply chain. This is why the United States has taken strong action to prevent the import of products that depend upon forced labor. This involves working with the World Bank and the other MDBs to keep forced labor out of MDB-funded projects, strengthening procurement practices social safeguard policies, and enhancing traceability and verification regimes.

Finally, addressing the significant challenges facing the global economy requires collective action through multilateral approaches, and the United States is fully committed to the multilateral system. Results of the investigations into Doing Business irregularities could reduce confidence in the international financial institutions if there is not strong action to boost accountability, protect data integrity, and prevent misconduct. It is also important that international financial institutions consider ways to enhance internal systems for whistleblowing and whistleblower protections. The United States will monitor developments closely and evaluate any new facts and findings should they become available.

I look forward to the opportunity to use these Annual Meetings to advance discussions and initiatives in pursuit of a stronger, sustainable, and more inclusive global economy.

Remarks by Secretary of the Treasury Janet L. Yellen at the World Bank’s Making Climate Action Count: Turning Action into Reality

As prepared for delivery:

Hi everyone. I’m Janet Yellen, the U.S. Treasury Secretary. I want thank President Malpass for the chance to say a few words about climate change, and the United States’ role in addressing this existential threat.

As I record this video, a host of climate proposals are moving through our Congress. The President has proposed dotting the American landscape with 500,000 electric vehicle chargers and funding for fundamental R&D in nascent green technologies. But we also know that our efforts to address climate change cannot stop at the border.
In July, when many of us met in Venice, I outlined the United States’ plan to double our public international climate finance to developing countries by 2024. Last month, President Biden went to the UN General Assembly and announced we’re doubling that number again: The United States has committed $11.4 billion per year, including financing for adaptation efforts.

Indeed, as we approach COP26, there’s renewed urgency for all nations to take the necessary steps toward the global goal of keeping warming below 1.5 degrees Celsius. The multilateral development banks, as this group knows better than anyone, play a leading role here. They help emerging economies prioritize climate investments, integrate climate resilience into infrastructure planning, protect critical ecosystems, and increase climate ambition as part of their nationally determined contributions and long-term strategies.

The United States is a large shareholder in the multilateral development banks, and we are committed to using our position of leadership to help facilitate a global transition toward net zero emissions by midcentury. In fact, I convened a meeting of the heads of the multilateral development banks over the summer. And I asked that each institution develop concrete plans to raise their climate ambitions and to identify specific ways they could each mobilize climate finance for developing countries.

Of course, no amount of public financing alone will be sufficient to meet the goals of the Paris Agreement. Private capital will be essential to fill the gap. As we work to mobilize this capital, we must continue to focus on addressing the ongoing challenges that emerging markets and developing countries face in attracting private sector financing, especially for greenhouse gas mitigation and adaptation infrastructure, and to reduce these impediments to investment.

I look forward to our discussions over the coming week and hearing more from you on how we can move beyond our ambitions to definitive action.


Treasury Launches Effort to Study Impact of Climate Change on Households and Communities

Financial Literacy and Education Commission Convenes Meeting to Explore Financial Risks to Households and Communities from Climate Change

WASHINGTON — Today, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired by Under Secretary for Domestic Finance Nellie Liang to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition. The meeting included participation from Adair Morse, Deputy Assistant Secretary for Capital Access, David Uejio, representing the Consumer Financial Protection Bureau, Vice Chair of the Commission, Todd Harper, Chairman, National Credit Union Administration, and Richard Cordray, Chief Operating Officer for Federal Student Aid at the U.S. Department of Education.

“This meeting is part of the Biden-Harris Administration’s whole-of-government approach to tackling climate change. Under Secretary Yellen’s leadership, the Treasury Department is working to better understand financial risks to households, especially in low-income and historically disadvantaged communities, posed by climate change and climate transition,” Under Secretary Liang said. “Americans across the country have seen firsthand how extreme weather events, which have increased due to climate change, can impact their financial wellbeing. Beyond events like storms and wildfires, we expect climate change to impact insurance, credit, and household savings. It’s vital that Treasury undertake this work, in collaboration with other experts in and outside of government, in order to help families prepare for climate-related financial risk and assist local governments, philanthropic agencies, and financial intermediaries in building community financial resilience.”

As FLEC begins work on household climate resilience, its analysis will especially focus on historically disadvantaged people and regions. FLEC will work to develop an understanding of:

  • how households, communities, and the smallest businesses experience financial resilience in the face of climate change and climate transition, supported by resilience-supporting financial products and financial infrastructure supporting environments.
  • how to map climate-related financial risks, and identify which groups and regions will be most impacted; and
  • what tools and best practices could be effective at addressing risks and vulnerabilities and how to implement them equitably.

FLEC’s efforts are a direct response to President Biden’s Executive Orders 14030 and 13985, “Climate-Related Financial Risk” and “Advancing Racial Equity and Support for Underserved Communities Through the Federal Government.” FLEC is an interagency body created by the Fair and Accurate Credit Transactions Act of 2003 to improve financial education and coordinate federal financial education activities.


READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G20 Finance Ministers and Central Bank Governors

WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in a meeting of the G20 Finance Ministers and Central Bank Governors today. They discussed a range of topics, including the current macroeconomic conditions, further progress on reforms to international taxation, coordination on vaccine distribution and longer-term pandemic preparedness, efforts within the G20 Finance Track on climate change mitigation, and financial regulatory issues.  

Secretary Yellen and her counterparts also continued productive discussions about international tax. Secretary Yellen noted the landmark agreement of virtually the entire global economy to end the race to the bottom on corporate taxation, and how 136 nations, representing 94% of the world’s GDP – including all 20 nations in the G20 – agreed to a new and specific set of provisions to uniformly tax the income of multinational companies, including a global minimum tax. Secretary Yellen reiterated her and President Biden’s focus on ensuring democracies can deliver for our people. She noted that this deal will mobilize the resources for the global economy to address climate change and reduce economic inequality, protect American jobs from the race to the bottom, and deliver for the middle class and working people at home and all over the world.

Secretary Yellen expressed that she is will continue to productively and constructively work with Congress to include provisions in the reconciliation bill to complement our aspirations for this revolutionized international tax regime. 

Along with her counterparts, Secretary Yellen endorsed the  G20 Finance Ministers and Central Bank Governors’ communiqué here: G20-FMCBG-Communiqué-Fourth-G20-FMCBG-meeting-13-October-2021.pdf

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G7 Finance Ministers and Central Bank Governors

WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in an in-person meeting of the G7 Finance Ministers and Central Bank Governors today. G7 Finance Ministers applauded the historic deal between 136-nations that will reshape the international tax system and equip the global economy to meet the needs of the 21st century.

Along with her counterparts, Secretary Yellen endorsed the G7 Public Policy Principles for Retail Central Bank Digital Currencies  and the G7 issued an accompanying statement on digital payments . She also expressed her strong support for efforts to channel Special Drawing Rights (SDRs) to further support vulnerable economies, including the rapid establishment of a new trust fund at the IMF to support economic transitions related to pandemic preparedness and climate change. G7 Finance Ministers also discussed the macroeconomic implications of climate change and the importance of resilient global supply chains.


READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Mexican Finance Secretary Rogelio Ramírez de la O

Yesterday, Secretary of the Treasury Janet L. Yellen met with Mexican Finance Secretary Rogelio Ramírez de la O.  Secretary Yellen reinforced Treasury’s commitment to strengthen cooperation on illicit finance and to deepen U.S.-Mexico trade and economic ties.  She welcomed Mexico’s efforts to increase social spending measures to help those struggling with the impact of the pandemic, and encouraged economic policy commitments that will combat climate change while accomplishing strong growth.


Readout: Secretary of the Treasury Janet L. Yellen’s Second Meeting with the Heads and Private-Sector Leads of the Multilateral Development Banks to Discuss Climate Finance

Today, Secretary of the Treasury Janet L. Yellen reconvened the heads and private sector leads of several of the multilateral development banks (MDBs) to follow-up on an initial July meeting in which she urged the MDBs to rapidly align their portfolios with the goals of the Paris Agreement and to redouble their efforts to mobilize significantly more private capital for climate. Participants included U.S. Special Presidential Envoy for Climate John Kerry and representatives from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank Group, and the World Bank Group.

Secretary Yellen received updates from MDB heads on their progress including work to increase climate finance targets, align internal incentives, structures, and practices to further prioritize private capital mobilization toward climate change, and their work to support countries develop long-term strategies and enabling environments to incentivize the private investment needed to meet the climate challenge. Secretary Yellen encouraged the MDBs to increase their focus on climate adaptation, particularly through private-sector operations, and to support developing countries in implementing ambitious emissions reduction measures and protecting critical ecosystems.

Secretary Yellen looks forward to the groups’ public announcements on their concrete plans and pledged to remain actively engaged on these issues and to continue to work with the MDBs to help them achieve these objectives.


READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland

WASHINGTON – Earlier today, Secretary of the Treasury Janet L. Yellen met with Canadian Deputy Prime Minister Chrystia Freeland to discuss U.S.-Canadian shared priorities such as continuing to work together on climate-related financial risks and ensuring the global economic recovery. Secretary Yellen and the Deputy Prime Minister also discussed the historic global tax deal announced on October 8 by the OECD Inclusive Framework.

Secretary Yellen expressed gratitude to the Deputy Prime Minister for her dedication to improving the global tax regime that will ensure profitable corporations pay their fair share and provide governments with the resources to invest in their people and economies. The Secretary acknowledged the strong bonds between Canada and the United States, and the importance of this relationship to making possible the international agreement of 136 nations — representing 94% of the world’s GDP – to reshape the global tax system.