TORONTO – Finance Minister Chrystia Freeland says the federal government is moving ahead with guidelines around sustainable investing and corporate climate disclosures, but details on the plans are scarce.
A wide range of investors, asset managers and environmental groups have been pushing the government to roll out such guidelines, also known as green taxonomies, to attract more investment for emissions-reducing projects.
Frustration has been mounting as efforts to create such guidelines have been in the works for years in Canada, with multiple groups tasked with creating recommendations but still nothing in place.
Those looking for answers will, however, have to wait longer, as the government says it plans to have a third-party organization develop the taxonomy, with the first guidelines issued within a year of the organization beginning its work.
On the potential inclusion of fossil fuels — a key area of contention — the government says it doesn’t anticipate new natural gas production would qualify, but that drafters could consider existing natural gas for its potential to displace more polluting fuels internationally.
For company disclosures, the government says it will launch a regulatory process to figure out what information, and what size of private federal corporations, will be included.
This report by The Canadian Press was first published Oct. 9, 2024.