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Other federally regulated financial institutions will be required to start disclosing in 2026. Implementing their suggestions could force Canadian financial institutions to divest their fossil fuel company loans or refuse to insure oil and gas companies. OSFI rejected both suggestions.
This week, Aviva Investors abandoned a pledge to divest from high-emitting firms that had previously been put on a climate watchlist, citing a very different macro backdrop since its engagement escalation programme was established.
Head of Sustainability at CDPQ Bertrand Millot highlights the pension fund’s focus on decarbonising the real economy, as well as comprehensively divesting from the oil industry. In addition to divesting from oil, CDPQ plans to deepen its practice in the biodiversity space and expand the scope of its commitments in nature-positive themes.
According to energy regulator Ofgem , as of last year, 220 projects awaiting connection to the grid by 2026 – with only half of them having obtained the required planning permission and start dates being pushed back by up to 14 years in some cases. He pointed to the many solar grid delays that have hindered progress.
Reporting obligations would begin in 2026. The bill is similar to one introduced in California last year that passed in the state Senate , but was one vote short of passing on the Assembly, the final step before advancing to the Governor to sign into law.
Reporting on Scope 3 under SB 253 will also be delayed until 2027, giving companies one extra year to prepare when the law comes into effect in 2026, whereby reporting on Scope 1 and 2 will be required.
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