The Globe and Mail reports in its Friday edition that oil sands companies are delaying the release of environmental reports to shareholders due to the impact of federal legislation aimed at prohibiting misleading environmental claims. The Globe's Emma Graney writes that Cenovus Energy and Canadian Natural Resources released second quarter financial results on Thursday. However, the usual environmental, social and governance reports were absent for both companies, which they attributed to uncertainty around Bill C-59.
The contentious legislation, which received royal assent in June, changes the Competition Act to stamp out false or exaggerated environmental claims. It led several Canadian oil companies and lobby groups to add disclaimers to their websites and social-media feeds, which Energy Minister Jonathan Wilkinson labelled a "gross overreaction." Chief sustainability officer Jeff Lawson called the new rules a "distraction" for Cenovus. He said the legislation has resulted in a tremendous amount of work "for an incredible number of people who are just trying to do the right thing." He added that it has caused much vexation within Cenovus, which is keen to speak publicly about its environmental goals and actions.
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