The Canada Climate Law Initiative (CCLI) proposes amending the regulations pursuant to the Canada Business Corporations Act Regulations to promote the management of climate-related financial risk and opportunities in a vital portion of the economy and lead to a more resilient economy.

The CCLI proposes a new subsection under s. 72 of the Canada Business Corporations Act Regulations, specifically: 72(3). The financial statements shall include a climate transition plan to reach net-zero greenhouse gas emissions no later than 2050, with 5-year targets for emissions reductions towards the net-zero target, including disclosure of Scope 1, 2, and 3 emissions and annual reporting of progress towards meeting targets.