Resilient LLP (formerly DeMarco Allan LLP)
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I4PC Files Greenwashing Complaint with Alberta Securities Regulator

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Investors for Paris Compliance (I4PC), a shareholder advocacy organization, yesterday filed a complaint with the Alberta Securities Commission (ASC), alleging that two major energy companies have engaged in misleading disclosure regarding their net zero plans. The complaint targets Cenovus Energy and Enbridge Inc., two reporting issuers that are principally regulated in Alberta. A copy of the full complaint is available here [PDF]. The complaint is based on section 92(4.1) of the Securities Act (Alberta), which prohibits reporting issuers from making misleading or untrue statements that would reasonably be expected to have a significant effect on the market price or value of a security, as well as CSA Staff Notice 51-333 Environmental Reporting Guidance and CSA Staff Notice 51-358 Reporting of Climate Change-related Risks. The complaint also makes reference to the anti-greenwashing provisions of the Competition Act that were introduced through Bill C-59. Submissions. I4PC submits that: Cenovus and Enbridge have a “core net zero contradiction” by engaging in significant fossil fuel expansion while claiming alignment with net zero; Cenovus and Enbridge have consistently failed to meet core transition metrics on net zero, particularly around capital expenditures; Cenovus and Enbridge have consistently engaged in “overly promotional disclosure regarding net zero”, both directly and via associations; and Cenovus has been allowed to foster investor uncertainty with lack of clarity regarding its net zero commitment (which I4PC expressly ties to Cenovus’ withdrawal of net-zero disclosures prompted by Bill C-59). Remedies Sought. I4PC requests that the ASC grant the following remedies:  An investigation be launched into existing and past climate disclosures of Cenovus and Enbridge to assess the accuracy and adequacy of their disclosures. Because the practices of Cenovus and Enbridge are repeated by other Alberta-registered oil and gas companies, that the investigation also consider evidence from peers and competitors. That overly promotional disclosure in relation to net…

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SBTi To Extend Use of Environmental Attributes For Scope 3 Abatement

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The Science Based Targets initiative (SBTi) today released a statement (the Statement) from the SBTi Board of Trustees announcing its decision to extend the use of environmental attribute certificates (EACs), including but not limited to EACs from voluntary carbon markets (i.e., carbon credits), for the purpose of abatement of Scope 3 related emissions beyond the current limits in its Corporate Net-Zero Standard (the Standard). SBTi noted that the use of EACs is an additional tool to address climate change when paired with policies, standards, and procedures based on scientific evidence. This bulletin briefly summarizes important aspects of the Statement. Expansion of EAC Use. SBTi plans to broaden the application of EACs for Scope 3 emissions abatement and intends to introduce definitions of specific “guardrails” and thresholds, as well as applicable rules, for such EACs to be considered valid for Scope 3 emissions abatement purposes and in line with “principles of mitigation hierarchy” — the principle that companies set science-based targets to address their value chain emissions and implement strategies to achieve these targets before actions or investments to mitigate emissions outside their value chain. Collaborative Framework Revision. SBTi indicated that it would consult, and seek cooperation agreements with, other relevant initiatives and stakeholders on revisions of the Scope 3 framework, which will include the responsible use of EACs in science-based target-setting. Carbon Credit Quality. SBTi does not intend to validate carbon credit quality and indicated that other entities are better positioned to assess the quality and integrity of carbon credits (an implicit reference to the Voluntary Carbon Market Integrity Initiative and the Integrity Council for the Voluntary Carbon Market). SBTi noted that such entities will have clear access to, and a complete understanding of, the demand-side guardrails and rules established by SBTi for the use of EACs. Accelerating Decarbonization. The SBTi indicated that the expanded use of EACs is…

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IPCC Finalizes Synthesis Report of the Sixth Assessment Report

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The Intergovernmental Panel on Climate Change (IPCC) announced the finalization of its Synthesis Report of the IPCC Sixth Assessment Report (AR6) during its 58th Session held in Interlaken, Switzerland, March 13-19, 2023. The IPCC also published a Summary for Policymakers (the Summary) in advance of the release of the Synthesis Report, as well as a Longer Report and a Presentation. The Synthesis Report integrates the main findings of the AR6 and provides an overview of the state of knowledge of climate change, its widespread impacts and risks, and climate change mitigation and adaptation. The Synthesis Report has been highly anticipated and is the last of the Sixth Assessment Report products, due for release in time to inform the 2023 Global Stocktake under the United Nations Framework Convention on Climate Change. It provides an unprecedented level of scientific analysis and indicates that there are numerous, feasible, and effective options currently available to reduce greenhouse gas (GHG) emissions and adapt to human-caused climate change. Media reports from the New York Times emphasized that the Earth is likely to cross a critical global warming threshold by 2030 without rapid and drastic reductions in global GHG emissions. Reuters, quoting from the Summary, noted that “there is a rapidly closing window of opportunity to secure a livable and sustainable future for all”. This bulletin briefly highlights key findings of the Synthesis Report included in the Summary. The Summary is divided into the following three sections: Current Status and Trends, which covers the historical and present period.  Future Climate Change, Risks, and Long-Term Responses, which addresses projected futures up to 2100 and beyond. Responses in the Near Term, which considers current international policy timeframes, and the time interval between now and 2030-2040. Current Status and Trends. The Summary notes that: Human activities, principally through emissions of GHGs have unequivocally caused global warming, with global surface temperature reaching 1.1°C above 1850–1900 in 2011–2020,…

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Natural Resources Canada Launches Public Engagement on Canada Green Buildings Strategy

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The Minister of Natural Resources (the Minister) yesterday announced the launching of a public engagement process for the proposed Canada Green Buildings Strategy (the Strategy). The Strategy will aim to mobilize national action to reduce emissions by 37 percent from 2005 by 2030 and create a net-zero-emissions buildings sector by 2050. Natural Resources Canada (NRCan) has also published a companion discussion paper outlining the scope and key themes of the proposed Strategy (the Discussion Paper). This bulletin briefly summarizes the Discussion Paper and provides important details regarding the public engagement process.   The Minister’s announcement noted that the Strategy will focus on (i) increasing the rate of building retrofits, (ii) ensuring buildings are resilient and net-zero-ready from the start, and (iii) transforming space and water heating. In addition, the Strategy will be backed by a $150 million commitment made in Canada’s Emissions Reduction Plan (read our earlier bulletin here).   The Discussion Paper provides the following three potential outcomes for the Strategy to reach the net-zero target for Canada’s building sector: Build net-zero carbon and climate-resilient from the start. The Discussion Paper provides that Canada must ensure that new buildings achieve the highest levels of energy, carbon performance, and climate resiliency. To achieve this, all new buildings must (i) be net-zero carbon-ready no later than 2032 and (ii) conform to the latest applicable codes, standards, and guidelines for climate resilience no later than 2030. Increase the rate of deep, climate-resilient building retrofits. The Discussion Paper provides that the majority of buildings will still be in use in 30 years and that this will require retrofitting all existing buildings and taking advantage of joint opportunities for resiliency upgrades. The Strategy is likely to promote the deep retrofit rate reaching 3-5 percent of buildings annually by 2025, with applicable codes, standards, and guidelines for climate-resilient retrofits to be referenced in building…

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UK Faces Climate Lawsuit Brought by ClientEarth

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ClientEarth, an environmental advocacy organization active in climate litigation, together with Friends of the Earth and the Good Law Project, presented legal arguments before the UK High Court on June 8-9 in their challenge of the UK government’s net-zero by 2050 strategy. ClientEarth asserts that the UK government has not met its legal obligation under the Climate Change Act, which requires the government to set climate policies that satisfy the UK’s legally binding carbon budgets. ClientEarth argues that the UK is relying on unproven technologies instead of supporting opportunities for immediate impact, including recommendations for cutting emissions and reducing energy bills from the UK’s Climate Change Committee, such as increased insulation and low-carbon heating in buildings. ClientEarth notes that the UK’s current approach will require significant and drastic emissions reductions in the coming decades, with increased impacts on young people and future generations. Last month, ClientEarth, along with Dutch campaigners Fossielvrij Netherlands and Reclame Fossielvrij, delivered a letter to Dutch airline, KLM, stating their intention to file a legal claim if the demands set out in the letter are not met. The demands include calling for a ban on all fossil fuel advertising in the EU. ClientEarth intends for the ban to stop companies like KLM from misleading the public over what is needed to reduce emissions and the airline industry’s contribution to climate change. ClientEarth is targeting KLM’s ‘Fly Responsibly’ ad campaign and the airline’s offers for customers to purchase carbon offsets which will be used to fund reforestation projects or the purchase of biofuels to offset the emissions from their flight. ClientEarth states that such campaigns do little to reduce emissions and may instead undermine and delay urgent climate change action.

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