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June 2024

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ISSB Announces Further Harmonization of Sustainability Disclosures

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The International Sustainability Standards Board (ISSB) on Monday announced a series of significant initiatives, strategic partnerships, and collaborations aimed at harmonizing sustainability reporting requirements for companies. The ISSB provided updates on its new two-year work plan, which focuses on further harmonization and consolidation of the disclosure landscape in response to market demand. Key areas of focus include corporate climate transition plans and greenhouse gas (GHG) emissions measurement across the value chain. This bulletin highlights the key initiatives, strategic partnerships, and collaborations being pursued by the ISSB. Harmonizing disclosures about transition plans. The ISSB indicated that it intends to streamline and consolidate frameworks and standards for disclosures about transition plans. This work is expected to align with the ISSB’s focus over the next two years on supporting the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2) (see our earlier bulletin here). The ISSB indicated that it will focus on providing high-quality, decision-useful information consistent with IFRS S2, instead of requiring transition planning. The ISSB announced that the IFRS Foundation will assume responsibility for disclosure-specific materials developed by the Transition Plan Taskforce, which draws from the work of the Glasgow Finance Alliance for Net Zero (GFANZ). The materials will be housed on the IFRS Sustainability Knowledge Hub and used to develop educational materials that align with IFRS S2’s global baseline and focus on climate-related risks and opportunities. Measuring GHG emissions effectively. The IFRS Foundation has taken a crucial step in supporting credible net-zero transition plans in the private sector by signing a Memorandum of Understanding with the GHG Protocol, a global leader in emissions calculations. This collaboration will enable the two organizations to work together on updates and decisions related to their standards, including the appointment of an ISSB…

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Canada Implements Clean Economy Investment Tax Credits

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This bulletin complements last week’s update on the Fall Economic Statement Implementation Act, 2023 (Bill C-59). In addition to the climate-related amendments to the Competition Act (read our earlier bulletin here), Bill C-59 implements significant clean economy investment tax credits (ITCs), for clean technology (CT) and carbon capture utilization and storage (CCUS), as well as clean hydrogen (CH) and clean technology manufacturing (CTM). This bulletin briefly summarizes the amendments to the Income Tax Act (the Act) and Income Tax Regulations (the Regulations) that implement the CT ITC and CCUS ITC. Clean Technology Investment Tax Credit. Bill C-59 amends the Act and Regulations to implement the CT ITC, initially proposed in the 2022 Fall Economic Statement and expanded in both the 2023 Fall Economic Statement (FES) and 2023 Budget (read our earlier bulletins here and here). Key provisions of the now implemented and expanded CT ITC include: refundable tax credit for capital invested in the adoption and operation of new clean technology property in Canada from March 28, 2023, to December 31, 2034; rate may be up to 30% of the capital cost of CT property that is acquired and that becomes available for use from March 28, 2023, to December 31, 2033; rate may be up to 15% for property acquired and that becomes available for use in 2034, and will be unavailable after 2034; available for investments in the following types of CT property: equipment used to generate electricity from solar, wind and water energy; stationary electricity storage equipment that does not use any fossil fuel in operation (such as batteries and pumped hydroelectric storage); active solar heating equipment, air-source heat pumps and ground-source heat pumps; non-road zero-emission vehicles and related charging and refueling equipment that is used primarily for such vehicles; equipment used exclusively for the purpose of…

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Climate-related Amendments to the Competition Act Become Law as Bill C-59 Receives Royal Assent

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The Fall Economic Statement Implementation Act, 2023 (Bill C-59) yesterday received royal assent, implementing (1) key climate-related “truth-in-advertising” amendments to the Competition Act and (2) two important investment tax credits (ITCs) for clean technology and carbon capture utilization and storage. Omnibus Bill C-59 was introduced in the House of Commons in November 2023 (and amended several times since then) to implement certain provisions of the Fall Economic Statement (FES) tabled in Parliament in November 2023 (see our earlier bulletin here) and certain provisions of the budget tabled in March 2023 (Budget 2023) (see our earlier bulletin here). This bulletin summarizes the climate-related amendments to the Competition Act. A subsequent bulletin will cover the ITCs. Deceptive marketing practices. Part VII.1 of the Competition Act sets out a number of deceptive marketing practices that are considered “reviewable conduct” under the legislation, and therefore subject to scrutiny by the Competition Tribunal and the courts and related administrative remedies. For example, section 74.01(1)(a) contains a general prohibition on representations to the public that are materially false or misleading, and made for the purpose of promoting the supply or use of a product or a business interest (directly or indirectly). Where the Competition Tribunal or a court determines that a corporation is engaging (or has engaged) in reviewable conduct, it may order the corporation: not to engage in the conduct or substantially similar reviewable conduct; to publish a notice providing a description of the reviewable conduct and related details; and to pay an administrative monetary penalty in an amount not exceeding the greater of $10M (and, for each subsequent order, $15M) and three times the value of the benefit derived from the deceptive conduct (or 3% of the corporation’s annual worldwide gross revenues, if such an amount cannot be reasonably determined). Bill C-59 amendments. The…

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ECCC Publishes 2030 Nature Strategy and Nature Accountability Bill

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Environment and Climate Change Canada (ECCC) on Thursday published Canada’s 2030 Nature Strategy: Halting and Reversing Biodiversity Loss in Canada (the Strategy) alongside proposed legislation titled the Nature Accountability Act (the Bill), which received its first reading in the House of Commons last week. The Strategy outlines how Canada will implement its nature protection goals under the Kunming-Montréal Global Biodiversity Framework (GBF) (see our earlier bulletin here), building on existing initiatives across Canada, and defining clear areas of action and improvement. The Bill aims to enshrine the government’s commitment to protecting nature in legislation.    At the fifteenth meeting of the Conference of the Parties (COP15) on biological diversity in Montreal in 2022, Canada committed to protecting 30 per cent of its land and water by 2030, and putting nature on a recovery path by 2050. Canada’s Strategy is mandated to outline the actions that will be taken to achieve these goals.   This bulletin briefly summarizes the Strategy and the Bill.   The 2030 Nature Strategy:   With the aim of ensuring an inclusive, adaptable and evidence-based pathway, the Strategy sets out six pillars: Recognize and uphold Indigenous rights. Honour Indigenous peoples’ roles as original caretakers of the land, waters, and ice, and advance reconciliation through the protection of the rights of Indigenous Peoples set out in the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP); Ensure a whole-of-society approach. Foster policy coherence and collective action across government, society, and industries; Support a resilient economy. Build a resilient economy that acknowledges the intrinsic link between prosperity and healthy environment; Adopt flexible community-based approaches. Support regional differences, empower communities, and adopt flexible approaches that reflect local needs; Use the best available science and equal weight to Western and Indigenous Knowledge. Combine Western science and Indigenous Knowledge to inform decision-making and share information transparently; and  Ensure a holistic approach. Embrace…

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Resilient LLP Welcomes Jonathan McGillivray as Partner

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Resilient is pleased to announce the addition of Jonathan McGillivray as a partner, effective June 11, 2024. “Jonathan is a long-standing member of the Resilient team, and we are thrilled to welcome him as a partner and celebrate this significant milestone with him,” said Lisa DeMarco, Senior Partner and CEO of Resilient. “Jonathan’s addition to the partnership affirms our focus on excellence in client service and our commitment to resilient growth.” Jonathan’s practice extends to all aspects of climate change and clean energy law. He advises on a variety of mandates driven by the transition to a net-zero economy and assists our domestic and global clients on climate strategy, decarbonization initiatives, carbon finance, innovative carbon transactions (including emission reduction and carbon removal purchase agreements and sustainable fuels agreements), biodiversity transactions, and energy regulatory compliance. He also advises proponents, investors, standards, and other organizations on carbon markets investments, governance, and regulatory compliance. “I am excited to be continuing my career at Resilient as a partner,” said Jonathan McGillivray. “I’m looking forward to continuing to contribute to Resilient’s global climate and energy practice and assisting our clients navigate the transition to a net-zero economy. I want to thank my mentors and colleagues for helping me to reach this important career milestone and my family for their endless support.” About Resilient LLP Resilient LLP provides expert legal, policy, and regulatory advice and services to clients across the climate change and energy spectrum. We practice exclusively in the areas of climate change, clean energy, and related Indigenous rights. We have built a leading global climate and energy practice over two and a half decades based on strategic insights and a focus on enduring client relationships. Our mission is to facilitate the success and resilience of our clients in a changing climate. As a world-leading…

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