February 21, 2023

Submission to federal Ministers Champagne and Guilbeault on Amendments to CBCA Regulation

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.