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While our attention is primarily on health issues during this global pandemic, climate change remains at the forefront of issues being addressed by governments, courts and businesses. This bulletin summarizes some of the recent developments in Canada and abroad.
FEDERAL GOVERNMENT INITIATIVES
In November 2020, the Canadian federal government introduced Bill C-12, the
Canadian Net-Zero Emissions Accountability Act. The bill proposes to legally bind the government to achieve net-zero emissions by 2050 and require the Minister of Finance to report annually on key measures that the federal government has taken to manage climate-related financial risks and opportunities. Hot on the heels of that, the government released
Climate Change: Government Action, Judicial Restraint and Corporate Disclosure lexology.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lexology.com Daily Mail and Mail on Sunday newspapers.
The manager of Norway’s giant sovereign wealth fund has given its backing to the IFRS’ idea of creating a Sustainability Standards Board (SSB) alongside the International Accounting Standards Board (IASB) it oversees – but only for financially-material information.
Broader sustainability reporting could better be handled by other institutions, Norges Bank Investment Management (NBIM) said in a response to the IFRS Foundation’s consultation on a global approach to sustainability reporting and the organisation’s possible role in those developments.
NBIM wrote: “Over time, we believe that a coherent set of reporting standards responding to the needs of both investors and other stakeholders is required.
The next frontier of responsible business inquirer.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.net Daily Mail and Mail on Sunday newspapers.
Metric to be directly tied to compensation for all employees
Denver, CO /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today disclosed a goal to reduce methane intensity 33% by 2025. The objective, approved this week by its board of directors, will be tied to Ovintiv s annual incentive compensation program for all employees beginning in 2021. The significant reduction will be benchmarked against the Company s 2019 actual methane intensity of 0.15 metric tons CH4/thousand barrels of oil equivalent (CH4/MBOE), which was recently disclosed in its 16th annual sustainability report (https://www.ovintiv.com/sustainability/). The 33% reduction in methane intensity to 0.10 metric tons CH4/MBOE by 2025 will significantly reduce greenhouse gas emissions.