News

The Canadian Sustainability Standards Board (CSSB) announced the release of new proposed standards for companies to report sustainability and climate-related information, based on the recently released sustainability disclosure standards by the IFRS Foundation’s International Sustainability Standards Board (ISSB).

The release of the new standards may form a significant step towards the introduction of mandatory climate-related reporting requirements for Canadian companies.

The ISSB was launched in November 2021 at the COP26 climate conference, with the goal to develop IFRS Sustainability Disclosure Standards, driven by demand from investors, companies, governments and regulators to provide a global baseline of disclosure requirements enabling a consistent understanding of the effect of sustainability risks and opportunities on companies’ prospects.

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Coca-Cola Launches 100% Recycled Plastic Bottles in Canada

The Coca-Cola Company announced today the launch of 100% recycled plastic bottles in Canada, with all 500 ml sparkling beverage bottles – including flagship brands Coca-Cola, Sprite and Fanta – in the country using 100% recycled plastic, excluding caps and labels, by early 2024.

According to the company, the move will save 7.6 million pounds of new plastic in 2024, and reduce CO2 emissions by nearly 7,000 metric tons annually.

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KPMG Survey

Companies increasingly expect their ESG strategies to contribute to positively to business and financial outcomes, in areas ranging from M&A and new product opportunities to talent and customer retention, although many executives are concerned about keeping up with complex and changing sustainability regulatory requirements, with only around a quarter reporting confidence in meeting ESG reporting requirements across several jurisdictions, according to a new survey released by professional services firm KPMG.

The business leaders identified M&A efficacy as the top area in which ESG is adding value to their businesses, with 41% reporting that ESG engagement adds major financial value, with other top areas including access to new capital sources at 35% and customer retention at 34%.

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How much progress is being made on the UN’s Sustainable Development Goals?

• Multiple global crises continue to put the 2030 Sustainable Development Goals 'in peril', the UN says.
• Its 2023 update report shows a significant reversal of progress in key areas such as child vaccination rates and income inequality between countries.
• These challenges will be the focus of the World Economic Forum's Sustainable Development Impact Meetings on 18-22 September 2023.

Read the full article here.

Your supply chain could be full of hidden environmental, social, and governance (ESG) risks, which can seriously harm your reputation and market access, as well as disrupt your supply chain and halt production.

This guide details the best practices for effective supply chain risk mitigation, including how to use ESG data from the public domain to improve your ESG program.

Learn more here.

ESG is more than sustainability.

Nasdaq has commissioned an independent study to see how 100 decision-makers in the ESG space are:

• Structuring and resourcing their sustainability teams,
• Assessing barriers to and drivers of their sustainability agendas,
• Crafting their ESG and climate risk mitigation strategies,
• Planning their technology investment plans.

In this article, you can:

1. Access more answers and insights from the respondents by downloading the full report,

2. Explore ways to elevate your ESG strategy.

Access the full article here.

“A net-zero grid will serve as the basis for climate actions across the economy"

The Government of Canada released its proposed Clean Electricity Regulations, aimed at advancing the decarbonization of the country’s electricity grid, and supporting its net zero emission climate goals.

Canada also joined a commitment last year with the U.S. to release clean energy regulations in 2023. Earlier this year, the Biden administration released a set of proposals aimed at reducing U.S. power sector emissions, including putting in place CO2 emissions controls at fossil fuel-fired power plants starting in 2030.

Read the full article here.

Guest Post by Rob Fisher, KPMG U.S. ESG Leader

Large organizations are increasingly subject to an array of ESG reporting obligations. Incentivized by grants and tax credits, these large companies are driving the move toward sustainability.

However, it’s the small and mid-sized companies that make up nearly 90% of businesses worldwide and employ almost half of North America’s workers.

Therefore, it is crucial to explore how sustainability wins from small businesses can snowball into the larger value chain.

Read the full article here.

Government of Canada Announcement

The Government of Canada announced on Monday a series of initiatives aimed at reducing government support for the fossil fuel sector, including the release of a new framework and guidelines, effective immediately, to eliminate “inefficient” fossil fuel subsidies.

The government also announced that it will work to identify current public financing by 2024, and develop an implementation plan by fall 2024 to phase out public financing of the fossil fuel sector, beyond the scope of the new subsidy elimination commitment.

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Half of Board Members Report Lacking Skills to Address Climate Issues: WTW/Nasdaq Survey - ESG Today

Nearly half of board members report lacking skills and expertise in their organizations for addressing climate issues, even as most acknowledge that a strong ESG strategy can lead to better financial outcomes, according to a new survey by advisory, broking and solutions company WTW and the Nasdaq Center for Board Excellence.

“Board members are evolving their ESG agenda from reacting to stakeholder pressure to proactively linking ESG to business strategy. As a result, we are seeing greater interest in addressing skills and resource gaps and more emphasis on oversight of emerging risks.”
~ Kenneth Kuk, Senior Director, Work & Rewards at WTW

Read the full article here.