On August 2, 2016, the White House Council on Environmental Quality released its final guidance for Federal agencies on how to consider the impacts of their actions on climate change in their National Environmental Policy Act (NEPA) reviews. The guidance is the result of a six-year process exploring how to factor climate change into Federal decision-making. It […]
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Financial Services Sector Uniquely Placed to Address Climate Risk
Industry leaders continue to urge companies to integrate climate change into business strategies, financial disclosures and risk management processes. Mark Carney opted to focus on climate risk when addressing the Toronto Board of Trade in July 2016. Moody’s will use national climate commitments in its analysis of the credit implications of carbon transition risk. And Global […]
Ontario Releases Ambitious Climate Change Action Plan
This morning, Ontario Premier Kathleen Wynne released Ontario’s Climate Change Action Plan (the “Plan”). The Plan outlines how the proceeds of Ontario’s Cap and Trade Program – estimated at between $5.9B and $8.3B over the next four years – will be invested in a variety of carbon reduction initiatives to meet legislated GHG reduction targets […]
Obama Administration Pushes for Climate-Smart Acquisitions
The U.S. Federal Government just proposed a new rule that would drive greater disclosure of climate change information in the Federal Government’s supply chain. The proposed regulation, entitled the Federal Acquisition Regulation: Public Disclosure of Greenhouse Gas Emissions and Reduction Goals Representation, would require those who provide products or services to the Federal Government to report […]
Momentum for Climate Disclosure Continues as Investors Push
Major Canadian institutional investors including the Canada Pension Plan Investment Board, Bank of Montreal’s Global Asset Management group and the Ontario Teachers’ Pension Plan have announced support for shareholders’ resolutions urging Exxon Mobil Corp. and Chevron Corp. to “stress test” their operations against a climate-adjusted future. While Exxon and Chevron both conduct their own analysis of climate […]
Climate Risk: Corporate Canada’s Blind Spot
Although the many risks and opportunities posed by climate change are increasingly understood and recognized, Canadian companies have only begun integrating this knowledge into their business models, strategic plans, policies, measurements and reporting systems. Recent weeks have seen numerous developments aimed at encouraging better disclosure of climate risks and enforcing transparency requirements. To help make sense […]
Enforcing Transparency on Climate Risk: Recent Developments
As climate-related concerns and disclosures continue to gain profile, recent weeks have seen numerous developments aimed at encouraging better disclosure of climate risks and enforcing transparency requirements. The U.S. Securities and Exchange Commission ruled that ExxonMobil’s (Exxon) shareholders are entitled to important climate change information. States across the U.S. are banding together to explore the […]
Manifest Named a Founding Advisory Partner of the Sustainability Accounting Standards Board
On March 28, 2016, the Sustainability Accounting Standards Board (SASB) announced the launch of its Advisory Partner Program to support corporate and investor application of sustainability disclosure standards and guidance. We are proud to have been selected as one of the ten founding Advisory Partners and the only Canadian firm certified to support the application of SASB standards. […]
Prime Minister and First Ministers Will Work Towards Pan-Canadian Framework on Clean Growth and Climate Change
Prime Minister Trudeau and provincial premiers emerged from the First Ministers meeting held in Vancouver last week announcing an agreement to work towards a national climate change plan. On March 3, 2016, Canada’s First Ministers issued a joint communiqué and released the Vancouver Declaration on Clean Growth and Climate Change (the Declaration), which outlines the consensus reached at the […]
Ontario Releases Cap and Trade Proposal and Funding to Jump-Start the Transition to the Low-Carbon Economy
On February 25, the Ontario government posted its draft cap and trade regulatory proposal for a 45-day public and stakeholder comment period. Covering select large industrial emitters, natural gas distributors, petroleum product suppliers and importers of electricity, the proposed program captures 82% of the province’s total GHG emissions. The regulatory proposal is accompanied by a proposal to further […]