Latest news with #WomenLeadingonClimate
Canada Standard
3 days ago
- Business
- Canada Standard
Women Leaders Urge Canada to Resume Climate Disclosure Efforts
The push to make companies detail their exposure to climate change got a boost Tuesday as about 80 women leaders in business and civil society called on Canadian securities regulators to restart work on mandating climate disclosures. In an open letter organized by Women Leading on Climate, the signatories say they strongly disagree with the "abrupt" April announcement by regulators to indefinitely pause the work, The Canadian Press reports. "Tackling climate change is, in fact, essential to keeping markets competitive, efficient, and resilient," reads the letter, saying the policy U-turn puts the economy at risk. The rules that have been in the works for many years 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. "At the end of the day, what we're trying to do really is to help people to understand the financial risk presented by climate," said Barbara Zvan, chief executive of the University Pension Plan. "We cannot fully understand this risk because we're missing the data." View our latest digests Some 30 countries and states representing more than half of global GDP either have the global disclosure standards in place or in the works, including the European Union, China, Japan, Mexico and India. "All our partners that we actually want to increase trade with are doing this," said Zvan. Barbara Stymiest, a director at George Weston Ltd. and former CEO of TMX Group Inc., said in a statement that Canada risks losing out by not going ahead with the rules. "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 United States has, however, also backtracked on disclosure rules it put in place last year, which combined with general trade and markets anxiety, made this a risky time for Canadian regulators to start consulting on the requirement, said Grant Vingoe, chief executive of the Ontario Securities Commission. "If we had moved forward prematurely, or at a moment of peak fear and anxiety, it might have been more of a setback," said Vingoe, speaking Tuesday at a Responsible Investment Association conference in Toronto. "We haven't abandoned climate disclosure, despite comments to the contrary, and this is not a final decision by any means, but a temporary pause." Regulators did not provide a timeline on when they would revisit the issue beyond "future years." Vingoe, speaking only on behalf of the OSC, said he hopes to be able to check in again in a couple of years. In the meantime, he would like to see the public offering market improve, and see more evidence that climate disclosures do help attract more capital from markets outside the U.S., noting many public companies are already moving ahead voluntarily. But the wildfires currently burning across Western Canada, and the massive destruction of the January fires in California, are reminders there's no time to wait on these efforts, said Climate and Nature Solutions chief executive Catherine McKenna. "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," said the former federal environment minister in an interview. McKenna, who is also chief executive of Women Leading on Climate, said at the RIA conference Tuesday that the policy is needed to advance the country's interests. "This is about how we are going to move forward with the world, to create the conditions to attract the investments that we need to build Canada." This report by The Canadian Press was first published June 3, 2025. Source: The Energy Mix
National Observer
3 days ago
- Business
- National Observer
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.'
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Open letter calls on regulators to restart climate disclosure work
TORONTO – 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. Monday Mornings The latest local business news and a lookahead to the coming week. '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 U.S. 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.' This report by The Canadian Press was first published June 3, 2025.
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Open letter calls on regulators to restart climate disclosure work
TORONTO - 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 U.S. 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.' This report by The Canadian Press was first published June 3, 2025.
Yahoo
3 days ago
- Business
- Yahoo
Open letter calls on regulators to restart climate disclosure work
TORONTO — 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 U.S. 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.' This report by The Canadian Press was first published June 3, 2025. Ian Bickis, The Canadian Press
