FOURNIER: Canadian businesses to face nightmarish carbon emissions reporting requirements

Guest Contributor

October 26, 2022

Dan Fournier is a freelance investigative journalist in Quebec, Canada. This column is a summary of his substack expose. You can read the full version here.

A set of carbon emissions reporting requirements by multiple regulatory agencies are rapidly creeping up and will soon haunt business owners across Canada.

FOURNIER: Canadian businesses to face nightmarish carbon emissions reporting requirements
FOURNIER: Canadian businesses to face nightmarish carbon emissions reporting requirements

Amidst a prevailing climate change narrative, primarily an elaborate scheme manufactured by globalist elite bankers to further tax the masses, Canadian businesses and residents will soon foot enormous bills that shouldn’t exist.

The Trudeau government has enacted the most aggressive policies to combat the so-called climate crisis.

At the United Nations Climate Change Conference held last year in the U.K., Trudeau made extravagant promises to cut carbon emissions. Pricing carbon, banning the sale of gas vehicles beyond 2035, and promising to completely shut down Canada’s oil & gas sector by 2050 in the name of the Net Zero fallacy, are among his major pledges.

And now, Canadian businesses will bear the consequences.

Mark Carney, the former Governor of the Bank of Canada and the Bank of England, has been chosen as the principal architect to lead this globalist endeavour. In late 2019, Carney took on a key role as the United Nations’ special envoy on climate action and finance. The broader scope of this role entails putting all the necessary climate-reporting mechanisms in place across the banking and financial sectors.

Last year, Carney appeared on a panel to discuss Carbon Markets at the World Economic Forum. He reiterated the importance of reaching the [impossible] absolute net zero target. In no uncertain terms, he said the goal requires “the climate disclosures in main accounts [of companies].”

The climate disclosure and reporting measures have emerged from a special arm of the Financial Stability Board – which Carney chaired until 2018 – called the Task Force on Climate-related Financial Disclosures (TCFD).

The TCFD describes its mission as to “develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders.” The mission will occur in phases leading up to 2024, as indicated in the 2022 TCFD Status Report Task Force on Climate-related Financial Disclosures.

The TCFD report contains a treasure trove of hints about what climate-related reporting has in store for Canadian businesses. For starters, the Canada Pension Plan intends to make climate disclosures a requirement for all companies that wish to be in its portfolio. 

Next, the report outlines Nationally Determined Contributions which are essentially decarbonization promises. In this respect, Trudeau has committed to an overly ambitious target of 40-45% reductions below 2005 levels by 2030.

Also in the TCFD report and the 2022 federal budget, the Canadian government will make climate-related financial risk reporting mandatory. The Office of the Superintendent of Financial Institutions will require financial institutions to publish TCFD-aligned climate disclosures starting in 2024, as indicated in a May 2022 press release.

In addition, the Canadian Securities Administrator, the regulator for listed companies, will also require participants to disclose their climate risks and emissions. The 51-107 Disclosure Update report outlines a “GHG emissions reporting standard” for companies to calculate and report their GHG emissions. 

Mark Carney has left no stone unturned. The Canadian Banking Association has also kowtowed to the net-zero climate gods pledging financial commitments in the hundreds of billions of dollars to support “environmental and sustainable finance activities.”

Trudeau and Carney have all but ceded our banking and financial sectors to supranational organizations such as the United Nations Net-Zero Banking Alliance. The alliance’s Principles for Responsible Banking will prohibit lending and investment opportunities to Canadian businesses that fail to submit to the Climate Change ideology through its net-zero commitments.

Small and medium-sized businesses are at serious risk of being completely shut out of credit and capital markets in the coming years should they fail to play climate ball.

For now, only listed companies and those that fall under the purview of the Office of the Superintendent of Financial Institutions, such as banks, insurance companies, and other financial institutions, are required to report their climate emissions. But how long until all Canadian companies will be required to do so, and at what cost?

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