The emissions and climate disclosure landscape in Canada is evolving. As both the federal and provincial governments continue to refine emissions and climate risk disclosure standards, stakeholders can expect ongoing updates and adjustments to climate-related disclosure regulation. As a member of the International Sustainability Standards Board (ISSB) Canada is committed to aligning with global standards aimed at enhancing transparency and accountability.
At EcoAct we are closely monitoring this changing landscape and will provide updates as new standards, requirements, or implementation timelines emerge. Our tailored solutions—including carbon footprinting, target setting, climate scenario analysis and regulatory gap analysis services —help companies navigate these regulations to maximize both compliance and impact.
In December 2024, the Canadian Sustainability Standards Board (CSSB) released the final versions of CSDS 1 and CSDS 2. These standards align closely with the International Financial Reporting Standards (IFRS) S1 and S2 .The key differences between the two sets of standards is implementation timelines. While adoption is currently voluntary, the CSSB has provided transition reliefs to help entities adapt. These include additional time for reporting on sustainability matters beyond climate, Scope 3 GHG emissions, and quantitative aspects of scenario analysis data reporting.
CSDS 1 and 2 provide a comprehensive framework for climate-related disclosures, focusing on governance, strategy, risk management, and metrics.
The Canadian Securities Administrators (CSA) are actively working on incorporating CSDS into provincial securities legislation, which would make these standards mandatory. The CSA plans to seek public comments on revised rules that set out climate-related disclosure requirements. The timeline for this public comment process has not currently been released.
In March 2025, the Office of the Superintendent of Financial Institutions (OSFI) updated its climate-related financial disclosure expectations for banks and insurance companies, Guideline B-15. This Guideline sets out expectations for the management of climate-related risks for federally regulated financial institutions (FRFIs), which includes the effective disclosure of climate-related risks. These disclosures should be high-quality and decision-useful to enable users of the information to understand the financial impact of climate change on FRFIs. The location of the disclosure is at the discretion of the FRFI.
The update didn’t alter the contents of Guideline B-15, but did change the disclosure timelines and transition relief, to bring it into alignment with CSDS, which now spans 2024 to 2029 depending on which category of FRFI a company falls under.
Canada’s federal Gas Reporting Program (GHGRP) was established in 2004, to collect emissions data annually from facilities that emit 10,000 tonnes (10 kilotonnes) or more of GHGs in carbon dioxide equivalent units per year. These emissions primarily fall under Scope 1.
Regulatory frameworks for emissions and climate risk disclosure in Canada are evolving, with new standards and updates expected in the coming months and years. EcoAct remains committed to keeping businesses informed as these changes unfold. We will continue to update this page with the latest developments, ensuring you have the insights needed to stay ahead.
For tailored guidance on regulatory compliance and strategic climate action, reach out to EcoAct. Stay tuned for future updates as we track Canada’s progress in emissions and climate risk disclosure.
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