MONTRÉAL – Sonia li Trottier, Director of the Canada Climate Law Initiative, made the following statement in response to the Canadian Sustainability Standards Board (CSSB) newly released sustainability and climate disclosure standards:

“We are pleased to see the CSSB issue final sustainability and climate-related reporting standards.  It is an important step towards advancing harmonization and comparability and aligning Canada’s efforts with the global baseline. However, we are disappointed to see the CSSB has included an additional year for the reporting of scope 3 emissions. 

Scope 3 greenhouse gas emissions (GHG) make up a significant part of many Canadian entities’ total GHG emissions inventory, risks, and opportunities within their value chain. Effective climate action requires measuring and reducing scope 3 emissions. The CSSB has delayed progress by not requiring Canadian entities to disclose their scope 3 emissions until January 1, 2028.

This transition relief is against both the public interest and the interests of investors. It affects the investors’ ability to assess how companies are managing their emissions. This delay will result in Canadian entities falling further behind other jurisdictions and creating missed opportunities to attract investment.

Canadian companies have now known for years that they will be required to collect these data. Two years of relief is enough time, as there have been many years of guidance on climate-related disclosure and methodologies.”