Episode
131

Embracing Canada’s New Sustainability Disclosure Standards

August 28, 2024
|
Duration:
1444095
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In This Episode:

Join hosts Dave and Lysandra as they welcome Gregory Carli, the global leader in sustainability, resilience, and ESG at GHD, for an enlightening discussion on the new Canadian sustainability disclosure standards. Discover the key objectives and motivations behind these proposed standards and the importance of aligning with global benchmarks like the ISSB. Understand the types of sustainability-related information Canadian public companies will need to disclose and the main challenges they face. Greg also highlights how companies can turn compliance into opportunities for operational improvement and business growth.

Highlights

  • Global Alignment: Canada’s sustainability standards align with international frameworks, promoting transparency and consistency in reporting practices.
  • Data Importance: Accurate data collection is essential for meaningful sustainability reporting and informed decision-making.
  • Opportunities for Growth: Companies can use sustainability practices as a catalyst for business transformation, operational efficiency, and innovation.
  • Challenges Ahead: Organizations face obstacles such as data organization and securing executive buy-in to advance sustainability initiatives.
  • Risk Management: Understanding and addressing climate-related risks is critical for ensuring long-term business resilience.
  • Voluntary to Mandatory: While current sustainability standards are voluntary, they may become mandatory, encouraging companies to adopt practices early.
  • Beyond Compliance: Companies should embrace sustainability as an opportunity for growth and innovation, rather than viewing it solely as a regulatory obligation.

Key Insights

  • Importance of Consistency: Aligning Canadian standards with global frameworks reduces confusion and enhances comparability across companies, fostering trust among investors and consumers.
  • Data Quality Challenges: Ensuring accurate and high-quality data is essential for implementing sustainability disclosures. This requires robust data collection and management systems, which can be resource-intensive.
  • Transformative Potential: Viewing sustainability as a business opportunity encourages innovation and creates new revenue streams, allowing organizations to differentiate themselves in competitive markets.
  • Executive Engagement: Securing leadership commitment is critical for integrating sustainability into business operations. Companies delaying action risk non-compliance and falling behind industry standards.
  • Understanding Climate Risks: Proactively assessing climate risks, including physical threats like flooding and regulatory changes, helps companies manage potential impacts and ensure long-term viability.
  • Preparation is Key: Early adoption of sustainability practices positions companies to adapt seamlessly as regulations evolve and disclosure requirements become mandatory.
  • Holistic Approach: Integrating sustainability into corporate strategy enhances employee engagement and customer relations, ensuring that initiatives align with overall business objectives.
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