Open letter asks regulators to restart climate disclosure work
A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures.
In an open letter organized by Women Leading on Climate, the signatories say the "abrupt" April decision by regulators to halt the work puts the economy at risk.
The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need.
The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient.
Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive.
Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them.
'Canada is a small fish, and we need global capital. We don't have the luxury of dropping out while everyone else is stepping up,' she said.
The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna.
'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview.
'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.'
The reversal by the CSA did come after US regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time.
'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.'
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