The G7 Summit in Hiroshima in May 2023 addressed a spectrum of pressing global issues, including Russia's aggression against Ukraine, nuclear disarmament, sustainable development, and climate change. Under the climate change agenda, leaders reiterated their unwavering commitment to the Paris Agreement, striving to limit the global temperature rise to 1.5°C and combat biodiversity loss by 2023. Additionally, the G7 nations pledged collaborative efforts to accelerate the global transition to clean energy, aiming for net zero emissions by 2050.
On a parallel front, the European Union showcased a robust commitment to environmental action. EU leaders, united within the European Council, mandated the achievement of climate neutrality by 2050, reinforcing this commitment through the European Green Deal and the European Climate Law. Moreover, the EU's transition mechanism offers vital financial and technical support to facilitate this transition effectively.
Shifting focus to Canada, recent government initiatives demonstrate a proactive stance on environmental concerns. In 2022, the Canadian federal government allocated substantial funding—$10.7 billion—towards Canada's National Adaptation Strategy and the 2030 Emissions Reduction Plan. Additionally, the Canadian Securities Administrators' biennial report highlighted significant improvements in the quality and completeness of disclosures by public companies, showcasing an evolving understanding of disclosure obligations.
Presently, Canadian public companies are mandated to disclose material risks as per provincial securities legislation, aligning with the expectations of a "reasonable investor." However, an evolving landscape suggests potential revisions, indicating the CSA's inclination towards mandating specific ESG (Environmental, Social, and Governance) reporting and climate disclosures from financial institutions.
Komentarze