After an abrupt pause on climate disclosure rules in April, which sparked criticism from both climate and business leaders, Canadian securities regulators are under increasing pressure to resume efforts to mandate corporate climate disclosures.
Earlier this month, Catherine McKenna (former federal environment minister and now CEO of Women Leading on Climate), amplified her leading voice on climate accountability and transparency, by leading an open letter co-signed by nearly 80 women in business and civil society. The focus of this recent EnergyMix article, the letter calls for the Canadian securities administrators to restart efforts on climate disclosure rules, warning that the pause puts the country’s economy and climate goals progress at risk.
“While the world is moving on, and all these jurisdictions are moving forward, we have Canada’s securities regulators saying actually we’re going to take a pause, at a time when climate change is getting worse,” McKenna said in an interview.
The disclosure rules, which have been in development for years, would require companies to report their emissions and outline climate-related risks and strategies - standards which are already implemented or developed in over 30 other jurisdictions. At the Toronto Responsible Investment Association (RIA) conference, McKenna emphasized that the policy is not just about environmental stewardship, but also national competitiveness, providing key investors, companies and the public with information to be able to understand and manage climate and financial risks and opportunities.
Business and climate leaders have all echoed concerns over Canada lagging behind. Although the Ontario Securities Commission has stressed that this is only a temporary pause, McKenna and the coalitions of women leaders continue to underscore the urgency, most notably in light of the intensifying climate-related disasters occurring across the country.
McKenna has made her message clear that climate transparency is not a luxury, but a necessity for Canada's economic and environmental future.
Written by Sabrina Careri, for Ann Dale.
Photo source: Shrian Den from Unsplash
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