Canada is taking a risk-based approach to climate disclosure, starting with its biggest financial institutions and rippling out across entire supply chains. The OSFI’s guidance sets a TCFD-aligned bar that businesses can’t afford to ignore.
All federally regulated financial institutions (FRFIs) in Canada
Indirectly: Any company in their value chains
To strengthen climate risk management in alignment with TCFD and prepare for physical and transition risks.
Climate risk disclosures across governance, strategy, risk management, and metrics.
Scope 1, 2, and 3 emissions reporting.
Annual disclosures publicly posted within 180 days of fiscal year-end.
Large banks and insurers: FY 2024
Smaller institutions: FY 2025
Public company websites and shareholder reports