Canada's Climate Disclosure Rules: What You Need to Know

Summary Guideline B-15 makes annual climate-related financial disclosure an expectation for federally regulated banks and insurers, structured on governance, strategy, risk management, and metrics and targets. The six largest banks and four internationally active insurers disclosed first for fiscal year 2024; smaller banks and all other federal insurers follow for fiscal year 2025, with Scope 3 from fiscal year 2028. Listed and private companies apply CSDS 1 and CSDS 2 voluntarily from 1 January 2025, while the securities regulators’ mandatory rule stays paused.