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Globe says OSC, others mull rules on Scope 3 emissions

2024-03-14 08:28 ET - In the News

See In the News (C-*OSC) Ontario Securities Commission

The Globe and Mail reports in its Thursday edition that the group developing Canada's rules for how companies will disclose sustainability risks said Wednesday it has fully embraced new international standards. The Globe's David Milstead writes that this is in contrast with the United States, where the national securities regulator scaled back its proposals in the face of opposition earlier this month. The Canadian Sustainability Standards Board's decision to adopt the International Sustainability Standards means that companies will likely need to do a full range of disclosures, including tallying all of their emissions. This includes what are called Scope 3 emissions -- those that stem from companies' value chains and from the end use of their products. The proposed Canadian standards are much tougher than what emerged from work by Canada's securities regulators in October, 2021. Through its umbrella group, the Canadian Securities Administrators, the regulators' proposed rules included an option where only Scope 1 emissions -- carbon emissions from a company's own operations -- would have to be disclosed. The CSA put those proposed rules, which would apply only to public companies, on hold as the CSSB made its choices.

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