
As regulators abandon ‘bare minimum' corporate climate reporting, a backstop lurks
TORONTO – In the future, seeing the carbon emissions of a company may not be much harder than finding out how many calories are in a chocolate bar, but that day looks further out than it did just a few months ago.
Last year saw big steps toward better corporate climate transparency: a U.S. regulator required it, the Trudeau government committed to follow through on more, and a Canadian task force released guidelines on what those disclosures should look like.
But the election of U.S. President Donald Trump has changed all that.
Since Trump's return to the White House, the U.S. Securities and Exchange Commission effectively dropped its requirement on disclosures in late March, which led the Canadian Securities Administrators (CSA) to ditch its own plans a few weeks later.
The moves come despite the rising impacts of climate change, making it all the more important that companies are mandated to release emissions data, as well as to say what risks they face from the crisis and how they plan to deal with them, said Pamela Steer, head of CPA Canada.
'The world is burning up in many cases,' she said. 'It's become more acute, more urgent than ever.'
The CSA's decision not to require disclosures is 'incredibly disappointing,' she said, especially as dozens of other countries including Australia, the European Union, and even fellow United States-neighbour Mexico move forward with the requirement.
Growing expectations for the information will make it harder for companies to raise money internationally without the rules, especially as Canada looks to diversify away from the U.S., said Steer.
As it stands, companies have been reporting a hodgepodge of data and analysis, and some not at all, making it hard for investors to make informed decisions, she said.
'There are many risks and opportunities that need to be disclosed, and investors are demanding the information, and I think companies are demanding a level playing field.'
Many companies are, however, also being less public about climate generally given the Trump administration's hostility to efforts, such as Canada's big banks all leaving the Net-Zero Banking Alliance. Rising economic concerns have also put pressure on companies to cut back where they can.
Recent anti-greenwashing rules from the Competition Bureau have added to the pressure, making it all the more important to have clear standards in place, said Steer.
The rules, which require companies to be able to back up environmental claims or face potentially severe penalties, has led many to say even less about climate change. Steer said it is important to hold companies to account on what they say, but that companies need a bit of grace as whole new reporting standards are established.
'Having safe harbour, having a more pragmatic commentary and guidelines is actually what is needed.'
The Canadian Sustainability Standards Board was created specifically to adapt international standards to the Canadian context, and it put out guidance in December that included several years of added time for companies to report on some measures.
Ten of Canada's biggest public pension funds, representing more than $2.2 trillion in assets under management, voiced their support for the proposed guidance.
'Alignment with a global baseline is important for the competitiveness of Canadian companies in global capital markets,' the public pension group said, though Alberta's pension fund was notably absent despite endorsing the premise less than two years earlier.
Provincial securities regulators were expected to take those guidelines and make them mandatory, but instead, the CSA announced on April 23 that it had indefinitely paused the work.
CSA chair Stan Magidson, who is also CEO of the Alberta Securities Commission, said in a release that the regulator was focusing on making Canadian markets more competitive, efficient, and resilient.
Work on climate disclosure would be revisited in 'future years,' the CSA said.
But as the pension funds noted, disclosure efforts are part of staying competitive, said Wendy Berman, chair of the CSSB.
'There is going to be a lot of capital movement over the next 10 years as we transition to a low-carbon economy, and we certainly don't want Canada to miss that opportunity,' she said.
'What we're starting to see is a huge global shift,' said Berman. 'Would it be better if the U.S. was lockstep with the rest of the world? Of course. But that should not hold back Canadian companies.'
Both Canada and the U.S. have moved backwards on disclosure, even though the rules were the 'bare minimum' to help investors, said Gary Gensler, then chair of the U.S. SEC when he passed them last year.
In ending the requirements, current acting chair Mark Uyeda called them 'costly and unnecessarily intrusive climate change disclosure rules.'
With both the U.S. and Canadian regulators abandoning efforts, it's unclear how well Prime Minister Mark Carney can make good on his campaign promise to establish 'broad climate risk disclosure for companies across Canada,' or to follow through on Trudeau's promise to mandate disclosures for large, federally incorporated private companies.
The Finance Department said that with Cabinet only sworn in last week, the government will have more to say in due course.
But even as high-profile debates rage on about broader disclosures, rules established in 2023 by Canada's banking regulator help provide a backstop.
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The rules that kicked in this year from the Office of the Superintendent of Financial Institutions broadly align with what the Canadian Sustainability Standards Board had called for — requiring banks to report how their finances might be affected by climate change, as well as their own emissions contributions.
Given their scale, and involvement in so many other companies, the reporting requirements should help put pressure and clear the way for others to follow, said Berman.
'When OSFI endorses it, and the banks must now comply with it going forward, that starts to create momentum,' she said.
That momentum could help make climate disclosures an established part of assessing the health of a company, just as food labelling rules a few decades ago have since made it hard to imagine a chocolate bar not listing the calories, fat and other key details to know to stay healthy.
This report by The Canadian Press was first published May 20, 2025.
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CTV News
an hour ago
- CTV News
L.A. police swiftly enforce downtown curfew as protests against Trump's immigration crackdown continue
Protesters gather to denounce ICE, U.S Immigration and Customs Enforcement, operations Tuesday, June 10, 2025, in Los Angeles. (AP Photo / Damian Dovarganes) LOS ANGELES — Los Angeles police swiftly enforced a downtown curfew Tuesday night, making arrests moments after it took effect, while deploying officers on horseback and using crowd control projectiles to break up a group of hundreds demonstrating against U.S. President Donald Trump's immigration crackdown. Members of the National Guard stood watch behind plastic shields, but did not appear to participate in the arrests. Hours later, many of the protesters had dispersed, although sporadic confrontations continued that were much smaller than in previous nights. Officials said the curfew was necessary to stop vandalism and theft by agitators looking to cause trouble. Democratic Gov. Gavin Newsom earlier accused Trump of drawing a 'military dragnet' across the nation's second-largest city with his escalating use of the National Guard. He also deployed Marines, though none were seen on the streets Tuesday. Newsom asked a court to put an emergency stop to the military helping federal immigration agents, with some guardsmen now standing in protection around agents as they carried out arrests. He said it would only heighten tensions and promote civil unrest. The judge set a hearing for Thursday, giving the administration several days to continue those activities. The change moves troops closer to engaging in law enforcement actions like deportations as Trump has promised as part of his administration's immigration crackdown. The Guard has the authority to temporarily detain people who attack officers but any arrests ultimately would be made by law enforcement. Trump has activated more than 4,000 National Guard members and 700 Marines over the objections of city and state leaders. They were originally deployed to protect federal buildings. Demonstrations have spread to other cities nationwide, including Dallas and Austin, Texas, Chicago and New York, where a thousand people rallied and multiple arrests were made. In Texas, where police in Austin used chemical irritants to disperse several hundred demonstrators Monday, Republican Gov. Greg Abbott's office said Texas National Guard troops were 'on standby' in areas where demonstrations are planned, Abbott spokesperson Andrew Mahaleris said Tuesday evening. Guard members were deployed to San Antonio, according to assistant police chief Jesse Salame. He said he did not know how many were sent or details on the deployment. L.A. mayor puts curfew in place Los Angeles Mayor Karen Bass declared a local emergency on the fifth day of protests and said the curfew will run from 8 p.m. Tuesday until 6 a.m. Wednesday. She said it was expected to last for several days. 'We reached a tipping point' after 23 businesses were looted, Bass said during a news conference Tuesday. The curfew covers a 1 square mile (2.5 square kilometres) section of downtown that includes the area where protests have occurred since Friday. The city of Los Angeles encompasses roughly 500 square miles (1,295 square kilometres). The curfew doesn't apply to residents who live in the designated area, people who are homeless, credentialed media or public safety and emergency officials, according to Los Angeles Police Chief Jim McDonnell. McDonnell said 'unlawful and dangerous behavior' had been escalating since Saturday. 'The curfew is a necessary measure to protect lives and safeguard property following several consecutive days of growing unrest throughout the city,' McDonnell said. Trump says he's open to using Insurrection Act Trump left open the possibility of invoking the Insurrection Act, which authorizes the president to deploy military forces inside the U.S. to suppress rebellion or domestic violence or to enforce the law in certain situations. It's one of the most extreme emergency powers available to a U.S. president. 'If there's an insurrection, I would certainly invoke it. We'll see,' he said from the Oval Office. Later the president called protesters 'animals' and 'a foreign enemy' in a speech at Fort Bragg ostensibly to recognize the 250th anniversary of the U.S. Army. Trump has described Los Angeles in dire terms that Bass and Newsom say are nowhere close to the truth. In a public address Tuesday evening, Newsom called Trump's actions the start of an 'assault' on democracy. 'California may be first, but it clearly will not end here. Other states are next,' he said. Newsom warned people against inciting violence, but urged them to stand up to the president's actions. 'What Donald Trump wants most is your fealty, your silence. To be complicit in this moment,' he said. 'Do not give it to him.' The protests began Friday after federal immigration raids arrested dozens of workers in Los Angeles. Protesters blocked a major freeway and set cars on fire over the weekend, and police responded with tear gas, rubber bullets and flash-bang grenades. The demonstrations have been mostly concentrated downtown in the city of 4 million. Thousands of people have peacefully rallied outside City Hall and hundreds more protested outside a federal complex that includes a detention center where some immigrants are being held following workplace raids. Despite the protests, immigration enforcement activity has continued throughout the county, with city leaders and community groups reporting ICE present at libraries, car washes and Home Depots. School graduations in Los Angeles have increased security over fears of ICE action and some have offered parents the option to watch on Zoom. McDonnell said that police had made 197 arrests on Tuesday, including 67 who were taken into custody for unlawfully occupying part of the 101 freeway. Several businesses were broken into Monday, though authorities didn't say if the looting was tied to the protests. The vast majority of arrests have been for failing to disperse, while a few others were for assault with a deadly weapon, looting, vandalism and attempted murder for tossing a Molotov cocktail. Seven police officers were reportedly injured, and at least two were taken to a hospital and released. Defense Secretary Pete Hegseth suggested Tuesday that the use of troops inside the U.S. will continue to expand. The Pentagon said deploying the National Guard and Marines costs $134 million. ___ Jake Offenhartz, Jaimie Ding, Lolita C. Baldor And Tara Copp, The Associated Press Baldor and Copp reported from Washington, D.C. Associated Press writers Dorany Pineda and Christopher Weber in Los Angeles, Amy Taxin in Orange County, California, John Seewer in Toledo, Ohio, Jim Vertuno in Austin, Texas, Hallie Golden in Seattle, and Greg Bull in Seal Beach, California, contributed to this report.


Canada Standard
an hour ago
- Canada Standard
"India is not a football which you kick around, it is an ally which you strive to embrace": Ex-Pentagon official Michael Rubin on India-Canada ties
Washington, DC [US], June 10 (ANI): Former Pentagon official and senior fellow at the American Enterprise Institute, Michael Rubin, said that Canadian Prime Minister Mark Carney is showing a more serious and constructive approach than his predecessor Justin Trudeau regarding the future of the India-Canada relationship. 'India is not a football which you kick around. It is an ally to be embraced', Rubin remarked, underscoring the need for Canada to demonstrate sincerity and maturity in rebuilding ties with India. 'Mark Carney is working on repairing the relationship rather than following Justin Trudeau down the rabbit hole already shows that Prime Minister Carney is a much more serious person than the former Prime Minister of now needs to demonstrate its good faith. India is not a football which you kick around. India is an ally which you strive to embrace,' Rubin said. Commenting further on bilateral ties, Rubin criticised the previous Canadian leadership's posture towards India. 'Canada's relationship with India, especially under Justin Trudeau, was not principled. It was all virtue signalling and politics. The fact of the matter is that India is crucial to Canada, and Canada needs to decide whether ultimately it's going to side with the democracies like India and the United States, or whether it's going to posture the way Justin Trudeau did and allow China, which also has significant interests in Canada,' he added. Continuing his sharp critique, Rubin has strongly criticised former Canadian Prime Minister Justin Trudeau for amplifying what he called exaggerated claims around Hardeep Singh Nijjar and the Khalistan movement. He also praised Prime Minister Narendra Modi's strategic diplomacy and called for firm action against Khalistani extremism. 'The grievances about Hardeep Singh Nijjar and the Khalistan movement were not real': Rubin said, accusing Trudeau of appeasing radical Sikh extremists in Canada and shifting blame to India rather than acknowledging domestic issues. Touching upon the issue of Khalistani extremism, Rubin stressed the importance of decisive measures from Canada. He said, 'It is so essential that India continued to press Canada to address the Khalistan movement head-on to designate the Khalistan movement and extremists as terrorists, to uproot terror finance and to stigmatize forever these groups that really have no popular legitimacy back home in Punjab or for that matter, among the larger peaceful Sikh community in Canada. It's time to stop allowing the loud, extreme voices to win and instead recognise that those same loud, extreme voices oftentimes deserve to be in prison for their involvement in terror, tax fraud and organised crime in Canada, in San Francisco and elsewhere.' Reiterating his criticism of Trudeau, Rubin again dismissed the narrative around Nijjar and the Khalistan movement. He said, 'The grievances about Hardeep Singh Nijjar and the Khalistan movement were not real. They were exaggerations that Justin Trudeau Trudeau may have wanted so much to appease radical Sikh extremists in various constituencies that he was willing to take an organised crime hit between various Sikh groups and mafias and blame an outside power for it, rather than acknowledge the problem and the fault was Canada's alone. That is Justin Trudeau's problem. But now that Justin Trudeau is gone and likely will never return to power, Prime Minister Carney is taking a sober approach and recognising that he is not going to be tied to Justin Trudeau's fictions...' In this context, Rubin has come out swinging against Khalistanis while praising Indian Prime Minister Narendra Modi's decision to accept Canadian Prime Minister Mark Carney's invitation to the G7 Summit (from June 15 to 17) in Canada. He believes PM Modi's magnanimity in attending the summit shows 'India has nothing to hide.' Speaking to ANI on Wednesday, Rubin contrasted former Prime Minister Justin Trudeau's approach with that of Carney's, saying Carney 'understands the importance of India' and wants to 'restore maturity to the relationship.' 'Canadian PM Mark Carney originally was a banker. He understands the importance of India. Justin Trudeau was a politician who peddled in image and imagination, and therefore it makes sense that Carney wants to restore maturity to the relationship,' Rubin told ANI. 'It makes sense for Prime Minister Modi to show that the problem was not Canada itself, but the immaturity and unprofessionalism of Justin Trudeau,' he added. Further, the American security expert highlighted that the Indian government is 'willing to have a serious dialogue, much like they had with the United States.' Rubin added that the problem with 'Justin Trudeau is that for his own domestic, political reasons and to assuage radical constituencies, he was shooting from the hip without any factual basis to support his accusations against India.' 'What Prime Minister Modi is showing is that India has nothing to hide. If you're going to have a serious law enforcement dialogue, it's got to be two-way. We've got to talk about illegal immigration into Canada, terror finance in Canada, radical Sikh mafias and how the Khalistan movement is tied to organised crime and terrorism,' he added. Rubin also raised concerns about the Khalistanis' movements, stating, 'When you give haven to any terror group. Ultimately, your interests are going to be subverted.' 'Justin Trudeau and frankly Pierre Trudeau before him, by embracing and tolerating the Khalistan movement in the face of some of the worst terrorist attacks in the 20th century, what they did is ultimately undermine Canada's moral authority and its strategic importance,' he added. (ANI)


Canada Standard
an hour ago
- Canada Standard
"The grievances about Hardeep Singh Nijjar and the Khalistan movement were not real": Former Pentagon official slams Trudeau for amplifying exaggerated claims
Washington, DC [US], June 11 (ANI): Former Pentagon official and senior fellow at the American Enterprise Institute, Michael Rubin, has strongly criticised former Canadian Prime Minister Justin Trudeau for amplifying what he called exaggerated claims around Hardeep Singh Nijjar and the Khalistan movement. He also praised Prime Minister Narendra Modi's strategic diplomacy and called for firm action against Khalistani extremism. 'The grievances about Hardeep Singh Nijjar and the Khalistan movement were not real': Rubin said, accusing Trudeau of appeasing radical Sikh extremists in Canada and shifting blame to India rather than acknowledging domestic issues. Rubin further elaborated on Prime Minister Modi's leadership, saying, 'Even Prime Minister Narendra Modi's critics will acknowledge that he has grown tremendously in office and he's now one of the most influential statesmen not only in Asia but in the world. The fact of the matter is that this magnanimity is strategic and it also forces the Canadians to recognise that the problem all along was in Canada and not with India. So, kudos to Prime Minister Modi for this strategy and for rejoining and agreeing to go to Alberta and the fact of the matter is that a strong relationship between India and all of North America is within everybody's interests, especially given the rise of China.' Touching upon the issue of Khalistani extremism, Rubin stressed the importance of decisive measures from Canada. He said, 'It is so essential that India continued to press Canada to address the Khalistan movement head-on to designate the Khalistan movement and extremists as terrorists, to uproot terror finance and to stigmatize forever these groups that really have no popular legitimacy back home in Punjab or for that matter, among the larger peaceful Sikh community in Canada. It's time to stop allowing the loud, extreme voices to win and instead recognise that those same loud, extreme voices oftentimes deserve to be in prison for their involvement in terror, tax fraud and organised crime in Canada, in San Francisco and elsewhere.' Reiterating his criticism of Trudeau, Rubin again dismissed the narrative around Nijjar and the Khalistan movement. He said, 'The grievances about Hardeep Singh Nijjar and the Khalistan movement were not real. They were exaggerations that Justin Trudeau Trudeau may have wanted so much to appease radical Sikh extremists in various constituencies that he was willing to take an organised crime hit between various Sikh groups and mafias and blame an outside power for it, rather than acknowledge the problem and the fault was Canada's alone. That is Justin Trudeau's problem. But now that Justin Trudeau is gone and likely will never return to power, Prime Minister Carney is taking a sober approach and recognising that he is not going to be tied to Justin Trudeau's fictions...' In this context, Rubin has come out swinging against Khalistanis while praising Indian Prime Minister Narendra Modi's decision to accept Canadian Prime Minister Mark Carney's invitation to the G7 Summit (from June 15 to 17) in Canada. He believes PM Modi's magnanimity in attending the summit shows 'India has nothing to hide.' Speaking to ANI on Wednesday, Rubin contrasted former Prime Minister Justin Trudeau's approach with that of Carney's, saying Carney 'understands the importance of India' and wants to 'restore maturity to the relationship.' 'Canadian PM Mark Carney originally is a banker. He understands the importance of India. Justin Trudeau was a politician who peddled in image and imagination, and therefore it makes sense that Carney wants to restore maturity to the relationship,' Rubin told ANI. 'It actually makes sense for Prime Minister Modi to show that the problem was not Canada itself, but the immaturity and unprofessionalism of Justin Trudeau,' he added. Further, the American security expert highlighted that the Indian government is 'willing to have a serious dialogue, much like they had with the United States.' Rubin added that the problem with 'Justin Trudeau is that for his own domestic, political reasons and to assuage radical constituencies, he was basically shooting from the hip without any factual basis to support his accusations against India.' 'What Prime Minister Modi is showing is that India has nothing to hide. If you're going to have a serious law enforcement dialogue, it's got to be two-way. We've got to talk about illegal immigration into Canada, terror finance in Canada, radical Sikh mafias and how the Khalistan movement is tied to organised crime and terrorism,' he added. Rubin also raised concerns about the Khalistanis' movements, stating, 'when you give safe haven to any terror group. Ultimately, your own interests are going to be subverted.' 'Justin Trudeau and frankly Pierre Trudeau before him, by embracing and tolerating the Khalistan movement in the face of some of the worst terrorist attacks in the 20th century, what they did is ultimately undermine Canada's moral authority and its strategic importance,' he added. (ANI)