Statement by,Julie Segal, Senior Manager Climate Finance
Montréal/Tiohtià:ke | Traditional, unceded lands of the Kanien’kehá:ka/Mohawk Nation, a gathering place for many First Nations, including the Anishinaabeg – Today the federal government announced additional funding for the International Sustainable Standards Board, a global body that supports climate-related reporting from business, though Canada is one of the few jurisdictions that still does not require this reporting from our own companies. Canadian companies and financial institutions need to plan to reduce pollution and respond to climate change. Requiring these climate disclosures is supposed to be the first step to those genuine plans.
The federal government has already committed half a dozen times over four-years to require climate disclosures across the economy – yet nothing has been implemented. Ensuring a business reports on the impact it has on and risks it faces from climate change is a basic foundation required by our partner jurisdictions like Europe, the United Kingdom, and Australia. Prime Minister Carney advocated for climate disclosures for a decade in his prior roles, which he should now accomplish while leading a G7 country.
Background:
- Canada is the only jurisdiction among non-US peers without mandated climate-related financial disclosures across the economy. Peers like Australia, the European Union, and the United Kingdom all require climate-related financial disclosures.
- As early as March 2022, the government of Canada committed to require climate-related disclosures and climate net-zero transition plans, in the federal Emissions Reduction Plan as part of the country’s legislated climate commitment. The current government under Prime Minister Carney continued this commitment for climate-related financial disclosures in its 2025 federal budget.
- While provincial regulators decided to pause advancing on climate reporting last year, the federal government maintained a commitment to work with provinces and territories to advance requirements.
- The Quebec Government announced today a provincial Roadmap for Sustainable Finance, including moving towards requiring climate-related financial disclosures. Environmental Defence experts were formal advisors for the roadmap.
ABOUT ENVIRONMENTAL DEFENCE (environmentaldefence.ca): Environmental Defence is a leading Canadian environmental advocacy organization that works with government, industry and individuals to defend clean water, a safe climate and healthy communities.
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For more information or to request an interview, please contact:
Alex Ross, Environmental Defence, media@environmentaldefence.ca
