Lack of corporate transparency about climate-related exposure will allow the Canadian economy to continue growing in a “climate bubble”—until the bubble suddenly bursts, wreaking economic destabilization and damage.
Yet, despite this stern warning from the Bank of Canada and the Superintendent of Financial Institutions, submissions from the majority of more than 100 Canadian companies and organizations are calling for a delay in implementing detailed public reporting of climate-change scenarios, risks, and opportunities, The Narwhal reported in late March in an in-depth exposé.
The oil and gas sector, which was particularly vocal, cited “regulatory burden” (despite soaring profits) and lack of clear reporting standards in its calls to limit climate transparency.
Industry players calling for delays and/or limits to climate-related financial transparency include Suncor Energy, Tourmaline Oil, Pembina Pipeline, Baytex Energy, Whitecap Resources, the Canadian Gas Association, and the Canadian Association of Petroleum Producers, The Narwhal says.
