Toronto –
Finance Minister Chrystia Freeland said the federal government is developing guidelines for sustainable investing and corporate environmental disclosure, but details of the plan are lacking.
A wide range of investors, asset managers and environmental groups are calling on governments to roll out such guidelines, also known as green taxonomy, to attract more investment into emissions reduction projects.
Efforts to create such guidelines have been underway in Canada for years, with multiple groups tasked with developing recommendations, but nothing remains in place, leading to growing frustration.
But for those looking for answers, the government has let a third party develop the taxonomy and has said it plans to issue the first guidelines within a year of the agency starting work. We’ll have to wait longer.
Regarding the potential inclusion of fossil fuels, a key issue, the government does not expect new natural gas production to qualify, but is considering existing natural gas as a potential replacement for more polluting fuels internationally. The government says it is possible.
The government says it will begin a regulatory process to understand what information and size private federal companies will be included in the disclosure of corporate information.
This report by The Canadian Press was first published Oct. 9, 2024.