2023-2024 Annual Report

Our Mission

Canada has just six years to meet ambitious 2030 climate targets. It is critically important that we work together to pick up the pace of the transition to a net-zero economy.

Our mission is to enable Canadian directors, executives, policymakers, and regulators to confidently and swiftly lead Canada through a net-zero emissions transition with effective climate governance.

How we achieve our mission:

A letter from the Chair

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,

A letter from the Director

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,

Starting climate conversations with Canadian companies

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.

Success story

Board presentation: May 2024 in Alberta

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.

Informing policy

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:

Our policy recommendations

Joining the conversation

Generating knowledge

This year we published three sector-specific guides written by Dr. Janis Sarraand 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.

Educating professionals

In 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:

• Connect with peers through five live Zoom sessions and build a nationwide network
• Learn how to better respond to climate risk, business complexity, and ESG backlash
• Challenge themselves on their own schedule through curated readings and insightful discussions
• Get an education designed especially for business leaders and sustainability professionals in Canada
• Equip themselves for leadership positions in the private sector, government, or consulting
• Finish the program with a case study and put knowledge into practice

Alison Schneider and Gigi Dawe developed the course content alongside UBC educational specialists. Alison became the course instructor and has now taught two cohorts.

Meet the instructor

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.

Students receive exclusive access to full interviews with subject matter experts.

Engaging the public

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.

In-person events

Join the conversation

Online events

We regularly host online events. Here is a sample of some of our online events from the past year:

Gratitude

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:

• Chisholm Thomson Family Foundation
• Ivey Foundation
• Jarislowsky Foundation
• McConnell Foundation
• North Family Foundation
• Trottier Family Foundation

Our community

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.

Meet the latest additions to our roster