Annual Report 2023-2024
We meet with boards of directors of Canadian companies and pension fund trustees. These free-of-charge sessions help Canadian businesses and institutional investors consider, manage, and disclose climate risks.
We meet with policymakers and regulators, and write policy recommendations with the aim of improving the management and oversight of climate-related financial risks in Canada.
Our knowledge hub is a source of climate governance information with a focus on Canada. Our researchers contribute by writing sector-specific guides and other rigorously researched resources.
We educate Canadian professionals about climate-related risk and opportunity and how to oversee and manage them through an 8-week long online program in partnership with the Peter A. Allard School of Law at the University of British Columbia.
We host and speak at events online and across Canada on topics ranging from sustainable finance policy to implementing effective climate governance in specific sectors.
As we look back on the past year, it has been an incredible journey of supporting Canada’s shift towards a net-zero carbon economy. The urgency of climate action has never been more evident, and CCLI remains unwavering in our mission to provide Canadian leaders with the tools and knowledge needed to navigate this crucial transition.
Over the past year, we have engaged with corporate boards and pension fund trustees through our 70 Climate Governance Experts and 12 Research Affiliates, who have been instrumental in advancing director knowledge on effective climate governance across the country. Over the years, we have seen a growing commitment within the business community to address climate challenges head-on.
Our policy advocacy has been robust and impactful. Dr. Janis Sarra’s leadership has led to eight key submissions to policymakers, including recommendations to the Canadian Securities Administrators, l’Autorité des marchés financiers, the Financial Services Regulatory Authority of Ontario, and BC Financial Services Authority. These submissions aim to enhance climate-related financial risk management and disclosure standards across Canada and emphasize our belief that strong policy frameworks are essential in achieving Canada’s climate goals. CCLI’s work with both the Canadian Sustainability Standards Board and the International Sustainability Standards Board has been instrumental in supporting development of a global baseline of sustainable finance accounting standards that will create transparency and accountability.
The CCLI Knowledge Hub continues to be a vital resource for climate governance information, offering sector-specific guides and rigorously researched resources, with four publications produced this year on credit unions, non-governmental organizations and civil society, the mining sector, and Canada’s climate policy network. Our new Micro-certificate on Climate Risk and ESG, developed in collaboration with the UBC Allard School of Law, has further empowered professionals to effectively manage climate-related risks. The success of our first cohort in October 2023 led to a second in April 2024, and registration is now open for our third cohort beginning September 2024.
Engaging with the public remained a cornerstone of our strategy this year. We are proud of the numerous events hosted and co-hosted by the CCLI across Canada, bringing together stakeholders to discuss sustainable finance policies and climate governance. These events, coupled with our online presence, have broadened our reach and impact, fostering a more informed and proactive community.
None of the accomplishments this year would have been possible without the steadfast leadership of our incredible Director, Sonia li Trottier, and the unwavering support of the CCLI team. CCLI is grateful for the ongoing generosity of our six funders: Chisholm Thomson Family Foundation, Ivey Foundation, Jarislowsky Foundation, McConnell Foundation, North Family Foundation, and Trottier Family Foundation. Their contributions are invaluable to our mission, and we extend our heartfelt thanks to each one of them. Together with our Principal Co-Investigators – Janis Sarra, Cynthia Williams, Barnali Choudhury, Terri-Lynn Williams-Davidson, Sara Ghebremusse, and I – we at CCLI all remain committed to driving meaningful change towards Canada’s ambitious climate targets. As we look back on a busy year, we also look ahead, and we are confident that, together, we can build a resilient and sustainable future.
Sincerely,
The Canada Climate Law Initiative (CCLI) was founded with the belief that governance is a key pillar for accelerating Canada’s transition to a net-zero emissions economy. As I think about this past year, I’m even more convinced that strong governance is a powerful lever for driving positive climate action.
Corporate directors, officers, and pension fiduciaries have the power and opportunity to create meaningful change by propelling climate dialogue, embedding climate risks and opportunities into their organization, and work with their peers, industry, academics, and other stakeholders to develop innovative solutions that reduce their climate impact and adapt to the changes a warming world creates.
The private sector cannot do it alone. Policymakers, regulators, and parliamentarians also need to accelerate the transition by developing regulatory frameworks that facilitate making informed decisions and moving capital towards green solutions using tools such as the green and transition taxonomy, mandatory disclosures for companies and financial institutions, and credible and science-based transition plans for greater accountability.
These actors have immense influence and an important role in creating governance structures and processes that contribute to the acceleration of Canada’s climate transition. To do so, collaboration and courage are imperative.
It’s with these two elements in mind that we conduct and share cutting-edge legal research, start climate conversations with Canadian companies, inform policy, and educate professionals with our micro-certificate program. More than 80 Climate Governance Experts and affiliated research scholars help us achieve our work with the generous support of six family foundations. I’m also thankful for all our partners in the non-profit, academia, and industry sectors that cooperate with us to achieve our climate targets and build a sustainable, resilient, and inclusive world at the pace needed.
Sincerely,
In the past year, we continued our engagement with Canadian companies and pension funds on effective climate governance, delivering 23 board presentations to boards of directors and trustees, reaching 207 directors and trustees. Despite delivering fewer sessions to boards last year, we remain dedicated to our mission of enabling business leaders to confidently lead Canada through a net-zero emissions transition.
The challenges posed by the increasingly politicized climate and ESG landscape have underscored the importance of our work, driving us to continually adapt and innovate.
After publishing a guide for the credit union sector, we were able to engage with a number of credit union boards. This work reflects the need for education on climate-related risks and opportunities, as well as the leadership role credit unions are playing to support their members and increase their financial resilience to climate impacts.
We engage with companies and pension funds across Canada with the support of consultants based in Alberta, Ontario, and Québec. In the past five years, we have delivered the most presentations in Québec, British Columbia, and Ontario, which is a demonstration of the business sector leadership on climate action.
In parallel, the Québec’s financial regulator, l’Autorité des marchés financiers, published its draft guideline for climate risk management in November 2023 and the BC Financial Services Authority ran a consultation on natural catastrophes and climate-related risks from July to November 2023. These policy efforts highlighted how robust climate governance and sustainable finance policies and regulations are key in driving the business sector to act on climate issues.
As we look ahead, we are optimistic about the opportunities to further empower boards to effectively navigate the complexities of climate governance, contributing to a more sustainable future for all.
After completing our micro-certificate program in fall 2023, one of the students requested that we give an in-person presentation to the senior management and board of their company. The presentation was a success and deeply resonated with the team as they worked on their Enterprise Risk Management (ERM). The timely discussion helped the board and management reflect and integrate climate considerations in its business and ERM.
We made significant strides in our policy work in 2023-2024. CCLI sent eight policy submissions and 32 letters and memos to regulators and policymakers, and conducted 68 meetings, advocating for effective climate governance and sustainable finance policy. Our team dedicated considerable time, capacity, and resources to engage with key policymakers, regulators, and legislators, sharing our recommendations, analysis, research, and advice. Collaborating with consultants, we have expanded our expertise and influence to drive forward robust policies that Canada needs to facilitate the net zero transition, using a whole-economy approach.
As Canada lags behind in sustainable finance policy, the time for action is now. There is no room for delay – urgent implementation is essential to address the climate crisis and ensure a sustainable future for generations to come.
We welcome three significant policy developments that we believe contribute to strengthening the climate resilience of Canada’s financial system:
We were pleased to see that the draft Canadian Sustainability Disclosure Standard 2 Climate-related Disclosures is aligned with the International Foundation Reporting Standards (IFRS) S2 Climate-related Disclosures, which marks a crucial step towards harmonizing Canada’s financial regulations with international standards.
The alignment of the Office of the Superintendent of Financial Institutions Guideline B-15 with IFRS S2 is an important development in financial prudential regulation to enhance transparency and accountability in climate risk management. Guideline B-15 is the most comprehensive guidance on climate-related financial risks and opportunities in Canada and will have a significant ripple effect across our economy.
We commend the leadership demonstrated by Québec and l’Autorité des marchés financiers through the publication of its draft guideline for climate risk management, including rigorous market conduct rules that protect consumers. This proactive approach sets a laudable example for other jurisdictions and highlights the importance of proactive regulatory measures in addressing climate-related risks. These successes reaffirm our commitment to informing policy to drive change and increase the climate resilience of Canadian corporations, pension funds, and financial institutions.
In our submission to the Canadian Sustainability Standards Board (CSSB) consultation on proposed Canadian Sustainability Disclosure Standard (CSDS) 1 General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and CSDS 2 Climate-related Disclosures (CSDS 2), we make three recommendations: 1. The CSSB should fully adopt IFRS S1 and IFRS S2 in CSDS 1 and […]
Read moreThe Financial Services Regulatory Authority of Ontario (FSRAO) has an important role in supervising the integrity of the financial system. The Canada Climate Law Initiative makes this submission to request that FSRAO develop specific guidelines on the management of climate-related risks for entities in the sectors it supervises. We share seven recommendations to enhance Ontario’s […]
Read moreIt has been well over two years since the Canadian Securities Administrators (CSA) proposed National Instrument 51-107 Disclosure of Climate-related Matters (NI 51-107) and its companion policy. The Canada Climate Law Initiative (CCLI) made a submission strongly supporting a national instrument aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), offering recommendations […]
Read moreThe Autorité des marchés financiers’ Climate Risk Management Guideline is an important acknowledgement that climate-related risks can significantly affect the safety and soundness of Québec-regulated financial institutions, in turn affecting the integrity of the Canadian financial system. The Canada Climate Law Initiative has three recommendations that will amplify Autorité des marchés financiers’ (AMF) protection of […]
Read moreThe Canada Climate Law Initiative appreciates the ambitious nature of the Canadian Association of Pension Supervisory Authorities (CAPSA) Guideline for Pension Plan Risk Management for Plan Administrators, covering foundational pension risk management concepts, including environmental, social, and governance (ESG) considerations, leverage, cybersecurity, investment risk, and use of third parties, all of which are currently priorities […]
Read moreThe Canada Climate Law Initiative submits that four key policy recommendations have the potential to considerably enhance the British Columbia government’s oversight of financial services and support the corporate sector in the transition to a net-zero greenhouse gas emissions economy.
Read moreThe Canada Climate Law Initiative submits that three key policy recommendations have the potential to considerably enhance the British Columbia government’s oversight of financial services.
Read moreThe Canada Climate Law Initiative submits that three key policy recommendations have the potential to considerably enhance the Alberta government’s oversight of financial services.
Read moreThis year we published three sector-specific guides written by Dr. Janis Sarra and Helen Tooze, as well as one book edited by Dr. Fenner Stewart and Dr. Janis Sarra with chapters written by experts including Dr. John Borrows, Dr. Margot Hulbert, Temitope Tunbi Onifade, and Arlene Strom.
Major mining companies are facing climate-related risks and opportunities such as floods, fires, droughts, policy and regulation adjustments, market shifts, and technological adaptations. Directors of major mining companies have a fiduciary duty to be cognizant of these risks and opportunities and to act on them with care, skill, and diligence. This includes being continually aware […]
Read moreNon-governmental organizations (NGO) and members of civil society continue to press for effective legislation to meaningfully address the causes and impacts of climate change, including environmental protections, mitigation and adaptation measures, climate accountability, and net-zero carbon emissions strategies. More recently, they have recognized that the transition to net-zero emissions requires a whole-economy approach, which means […]
Read moreThis book represents an initial step to mapping the layers of Canadian climate policy activities across government, industry, and civil society. Its guiding presumption is that such mapping will help align efforts to decarbonize. A consensus point among all authors is that new alliances need to be forged, and old ones need to be refreshed, […]
Read moreAs the impacts of climate change become increasingly evident, directors of credit unions should recognize climate governance and management as a strategic issue within their institutions. This guide emphasizes the importance of understanding directors’ duties, cooperative principles, and the profound effects of extreme weather events on credit union members. It is a valuable resource for […]
Read moreIn May 2023, we announced that we would be offering a new 8-week online educational program in partnership with the Allard School of Law at the University of British Columbia. The genesis for this program was a desire to provide Canadian professionals with more information and training than possible through our brief board presentations.
In just 8 weeks, students gain ESG and climate risk knowledge to apply in their current career or leverage for their next step and:
Alison Schneider and Gigi Dawe developed the course content alongside UBC educational specialists. Alison became the course instructor and has now taught two cohorts.
Alberta
Sustainable Finance Practitioner
Alison is a sustainable finance practitioner and consultant with a proven track record of success. Alison co-designed and instructs CCLI’s climate risk micro-certificate. She is the Canadian Representative for Ceres Investor Network and sits on the steering committee for Climate Engagement Canada. Alison is also a Senior Fellow for GRESB, and a Director with Emerging Markets […]The first cohort ran from October through December 2023 with 15 students from a wide-range of industries including retail, energy, real estate, insurance, law, and more. We were thrilled to see the demand from lifelong learners with roles such as consultants, legal counsel, risk management, Chief Sustainability Officers and Chief People Officers.
Our second cohort ran from April through June 2024 with 10 students from engineering, law, investing, academia, and other industries.
Events are an important aspect of our mission. They bring attention to key issues and offer opportunities for dialogue, learning, and networking. In the past year, we hosted 9 events and our experts spoke at over 30 conferences.
We regularly host online events. Here is a sample of some of our online events from the past year:
The generosity of our funders enables us to deliver on the activities described in this report. We wholeheartedly thank the following foundations for their belief in us and their financial contributions:
Our 70 Climate Governance Experts across Canada give their time pro-bono to have conversations with companies at any stage of their climate journey. Without them our work would not be possible. We thank each and every one of them for their contributions to our mission.
British Columbia
National Client Relationship Ambassador and Group Head, ESG and Sustainability, McMillan LLP
Radha Curpen is a highly sought-after legal expert on environmental, Indigenous relations, governance, regulatory, climate change, human rights, crisis management and sustainability matters. She is Group Head of McMillan’s ESG and Sustainability practice and also serves as McMillan’s National Client Relationship Ambassador, an advisory role that expands McMillan’s strong commitment to client relations and service. […]Alberta
Founder and Principal, Genesg Inc.
Suzanne Davis-Hall is a former VP Sustainability/ESG with 25+ years of mining industry experience, including site-based operations and global corporate roles. She is a firm believer that mining can be a force for good, creating positive outcomes at the local, regional, and global scale. Suzanne is Founder and Principal of Genesg, a sustainability advisory firm […]