Resilient LLP (formerly DeMarco Allan LLP)
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DT Vollmer

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IOSCO Calls for Oversight of ESG Ratings

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The board of the (IOSCO) today published a series of recommendations applicable to the market for ESG ratings and data products (Ratings). IOSCO notes that the market does not typically fall within the remit of securities regulators and suggests that regulators could consider focusing greater attention on the use of Ratings and the activities of Ratings providers in their jurisdictions. IOSCO’s recommendations are as follows (emphasis added): Regulators could consider focusing more attention on the use of Ratings and Ratings providers that may be subject to their jurisdiction. Ratings providers could consider adopting and implementing written procedures designed to help ensure the issuance of high quality Ratings based on publicly disclosed data sources where possible and other information sources where necessary, using transparent and defined methodologies. Ratings providers could consider adopting and implementing written policies and procedures designed to help ensure their decisions are independent, free from political or economic interference, and appropriately address potential conflicts of interest that may arise from, among other things, the Ratings providers’ organizational structure, business or financial activities, or the financial interests of the Ratings providers and their officers and employees. Ratings providers could consider identifying, avoiding or appropriately managing, mitigating and disclosing potential conflicts of interest that may compromise the independence and objectivity of the Ratings provider’s operations. Ratings providers could consider making adequate levels of public disclosure and transparency a priority for their Ratings, including their methodologies and processes to enable the users of the product to understand what the product is and how it is produced, including any potential conflicts of interest and while maintaining a balance with respect to proprietary or confidential information, data and methodologies. Ratings providers could consider adopting and implementing written policies and procedures designed to address and protect all non-public information received from or communicated to them…

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Lisa DeMarco Elected Chair of IETA

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We would like to congratulate Lisa DeMarco who was elected Chair of the governing council of the International Emissions Trading Association (IETA) at its Annual General Meeting on November 9, 2021. Lisa is the first woman to serve as Chair of IETA and previously served as Vice Chair. She is Senior Partner and CEO of Resilient LLP and has more than two decades of experience in law, regulation, policy and advocacy relating to energy and climate change. Mary Grady, Executive Director of the American Carbon Registry, and Enric Arderiu, Global Head of Environmental Products at Mercuria Energy Trading S.A., were elected Vice Chairs. More information is available in IETA’s press release. IETA is the voice of business on carbon markets around the world. Established in 1999, IETA’s members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries. More information about IETA is available on its website.

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Prime Minister Trudeau Announces New Cabinet

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Prime Minister Justin Trudeau yesterday announced a new Cabinet following the September 20, 2021 election. The priorities for the new Cabinet include creating jobs, growing the middle class, homeownership, accelerating the fight against climate change, $10-a-day childcare, and truth and reconciliation. We expect that the Prime Minister’s Office will issue new mandate letters for the ministers in the coming days.   The new Cabinet is gender-balanced and reflective of Canada’s diversity.  It is noteworthy that three of the most significant ministries (Finance, Foreign Affairs, and National Defence) are now held by women.  The climate agenda is also likely to be bolstered by a strong pairing of Minister Wilkinson, a former environmental innovator, at Natural Resources and Minister Guilbeault, a former environmental advocate, at Environment and Climate Change. The elevation of Edmonton Centre MP, Randy Boisonneault, to Cabinet as Associate Minister of Finance and Minister of Tourism is likely to add a more geographically-diverse perspective to Cabinet decisions in and around energy infrastructure.  Minister Hajdu’s move from her strong leadership at Health during the pandemic to Indigenous Services is also consistent with the government’s stated priority on Indigenous reconciliation.   The new confirmed Cabinet is as follows: Steven Guilbeault becomes Minister of Environment and Climate Change Jonathan Wilkinson becomes Minister of Natural Resources Chrystia Freeland remains Deputy Prime Minister and Minister of Finance Mélanie Joly becomes Minister of Foreign Affairs David Lametti remains Minister of Justice and Attorney General of Canada Marc Miller becomes Minister of Crown-Indigenous Relations Omar Alghabra remains Minister of Transport Anita Anand becomes Minister of National Defence Carolyn Bennett becomes Minister of Mental Health and Addictions and Associate Minister of Health Marie-Claude Bibeau remains Minister of Agriculture and Agri-Food Bill Blair becomes President of the Queen’s Privy Council for Canada and Minister of Emergency Preparedness Randy Boissonnault becomes Minister of Tourism and Associate Minister of Finance François-Philippe Champagne remains Minister of…

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Climate Finance Momentum Builds in Lead-up to COP 26

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COP Presidency Publishes Climate Finance Delivery Plan The UK COP26 Presidency yesterday published the long-awaited Climate Finance Delivery Plan (the Delivery Plan) led by Canadian Environment Minister Jonathan Wilkinson and German State Secretary Jochen Flasbarth. The Delivery Plan seeks to provide clarity on the commitment by developed countries to provide $100 billion in climate finance per year. The Delivery Plan is informed by recent OECD analysis to 2025, which indicates that by 2023 the $100 billion per year goal will be met and the mobilization of funds for climate finance is likely to surpass $100 billion each year afterwards. The Delivery Plan provides ten key actions that should be taken by developed countries to deliver on the $100 billion pledge, including: Increasing the scale of climate finance; Increasing finance for adaptation; Prioritizing grant-based financing for the poorest and most vulnerable; Addressing barriers in accessing climate finance; Strengthening the financial mechanism of the UNFCCC and Paris Agreement; Working with multilateral development banks to increase and improve climate finance; Improving the effectiveness of private finance mobilized; Reporting on collective progress transparently; Assessing and building on lessons learned; and Taking into account the broader financial transition needed to implement Article 2.1(c) of the Paris Agreement (making finance flows consistent with a pathway towards low GHG emissions and climate-resilient development). In 2009, developed countries first pledged to mobilize $100 billion in climate finance annually by 2020. This goal was reaffirmed under the Paris Agreement in 2015. In June 2021, Canada pledged to double its international climate finance commitment to $5.3 billion. Germany has pledged to increase its climate finance to €6 billion per year by 2025. RBC Releases Canada Net-Zero Transition Report RBC recently released a report titled “The $2 Trillion Transition: Canada’s Road to Net Zero” (the Report), which analyzes the opportunities and…

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Canadian Institute for Climate Choices Releases Low-Carbon Transition Report

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The Canadian Institute for Climate Choices today released its timely report “Sink or Swim: Transforming Canada’s economy for a global low-carbon future” (the Report). The Report is the first of its kind in Canada and is critical in prudent planning in a rapidly changing global economy that directly affects Canadians, Canadian companies, and Canadian exports. The Report moves from qualitative transition paradigms and platitudes to quantified realities for Canadian business, workers, and communities as the world rapidly progresses in its transition to a decarbonized global economy. The key findings and recommendations of the Report follow.   Findings   Net zero emissions. The Report indicates growing support for net zero emissions by 2050, currently including economies representing over 60% of the world’s GDP and over 50% of global emissions, and that an ambitious low-carbon transition will cost less than inaction. We expect that number to increase dramatically at or around the upcoming UNFCCC COP26 negotiations during the first two weeks of November.   Canadian exports and jobs are at risk. Approximately 70% of Canadian exports and 60% of foreign direct investment come from transition-vulnerable sectors, with over 800,000 Canadian workers in these sectors. Alberta has the highest percentage of workers in transition-vulnerable sectors whereas Ontario has the highest absolute numbers in such sectors. Transition-vulnerable sectors include: mining and mineral products;  downstream and midstream oil and gas; auto manufacturing and parts; chemical, plastic, and rubber materials; airlines; oil and gas exploration and productions; and high-carbon power. Private finance. Canadian companies listed on the TSX are more exposed to transition risks than other major international stock markets and are facing a -14% market capitalization impact by 2050.   Transition opportunity. Industries best positioned to profit from the transition include those associated with biofuels, batteries and storage, fuel cells, and solar and wind equipment. The Report notes…

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