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Canada

Sustainibility Disclosure Agreements

Overview

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.

Who Does This Affect?
  • All federally regulated financial institutions (FRFIs) in Canada

  • Indirectly: Any company in their value chains

Why Is This Being Introduced?
  • To strengthen climate risk management in alignment with TCFD and prepare for physical and transition risks.

What's Required?
  • 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.

When Is This Happening?
  • Large banks and insurers: FY 2024

  • Smaller institutions: FY 2025

Where is Reporting Submitted?
  • Public company websites and shareholder reports

Where is Reporting Submitted?

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