In June, environmental leaders from across the country convened at our flagship annual event in Toronto – the 2024 CDP Canada Workshop. As a G7 nation with a high-emitting economy and strong public commitment to addressing the climate crisis in a just and equitable way, Canada is well-positioned to take critical environmental action.
The Workshop provided in-person and virtual attendees with a platform to discuss the latest climate policy developments and share insights on mandatory disclosure, collaborative Scope 3 reductions and strategies for climate and nature reporting. Attendees also learned about the launch of CDP’s new Portal and questionnaire and how it aligns with emerging regulatory standards, all within an open and interactive forum. While a diverse range of industry- and region-specific content was covered at the Workshop, here are five key takeaways.
1. Closing the disclosure gap in Canada is crucial
The urgency of the climate crisis underscores the critical need for immediate action and a just transition, a point emphasized throughout the Workshop sessions. The devastating impact of events like Canada’s unprecedented wildfires in 2023 serves as a stark reminder of the necessity for alignment of national and global policies with these realities. However, progress is being made. In 2023, 532 Canadian organizations, along with 41 cities and 5 provinces, disclosed through the CDP questionnaire. Notably, seven of these cities are part of our 2023 A List, which includes 120 cities globally. Additionally, the Canadian government’s recent adoption of new sustainability standards marks a significant step toward addressing these pressing challenges. These standards aim to foster a just transition by promoting economic opportunities and sustainable development for all Canadians. CDP is also enhancing its integration of regulatory standards to support these efforts.
2. CDP helps companies prepare for regulation
CDP is proud of our collaboration with the International Sustainability Standards Board (ISSB) to align our disclosure with International Financial Reporting Standards (IFRS) requirements. CDP applauds Canada’s CSSB for adapting the ISSB’s climate-related reporting standards for Canadian companies and considering the unique jurisdictional context. As the best resource for Canadian companies to prepare for CSSB, CDP helps businesses meet new regulatory standards and synchronize their practices with global benchmarks, advancing beyond mere compliance.
At the Workshop, Gabriel Benedict, ISSB Technical Staff from the IFRS Foundation, pointed out the value of consolidating the global sustainability disclosure landscape to develop the global baseline through the ISSB, and applauded CDP’s alignment with the IFRS S2 standards. He remarked that “when a company uses the CDP questionnaire, they are using an effective tool to support them on the path to eventualized ISSB compliance.” CDP is committed to supporting organizations in synchronizing with these standards and facilitating compliance in the evolving landscape of sustainability reporting. Discover more about CDP’s commitment to disclosure frameworks and standards.
3. New disclosure process catalyzes decision-making
Workshop attendees also discovered the benefits of CDP’s new single integrated questionnaire, exploring how it aligns with global environmental frameworks and standards to streamline climate change, forests and water security disclosure. They reviewed the updated Portal, discussing how it unifies reporting processes and enables organizations to better assess environmental impacts, risks and opportunities. The updated Portal aims to reduce the reporting burden on organizations, allowing participants to focus their time on what matters most: earth-positive actions.
Additionally, attendees learned about CDP’s new Portal’s ability to simplify the disclosure for all companies including tailored questionnaires for small and medium enterprises (SMEs) and financial services. With approximately 1.2 million small businesses in Canada, the discussion highlighted how this initiative guarantees that all economic actors, regardless of size, can contribute to and benefit from comprehensive environmental reporting. These updates ensure that CDP continues to support the exponential rise in disclosure, providing quality data to inform decision-making and drive more quality reporting.
4. Rapid decarbonization must be priority
The need for rapid decarbonization was a core topic at the Workshop, with sessions providing valuable insights into how companies can effectively plan and execute decarbonization strategies. Participants called attention to the importance of transition planning and the critical role of corporate leadership in achieving decarbonization goals. Speakers representing various sectors, including mining and telecommunications, shared their practical steps and collaborative efforts to address Scope 3 emissions, often the most challenging to mitigate. Key elements emphasized were governance, scenario analysis, financial planning, value chain engagement, low carbon initiatives, policy engagement, risks & opportunities, targets and accounting – all of which can be disclosed through CDP.
5. Public sector action is essential
A consistent theme integrated throughout the Workshop was the critical role of the public sector in climate action, with Canadian cities, provinces and Crown corporations making significant strides in resilience and sustainability. The Workshop highlighted the necessity for public sector involvement in achieving national climate goals and the importance of including Indigenous voices to ensure that all communities are represented and engaged in the transition to a sustainable future. Attendees learned that Crown corporations can now disclose via CDP’s integrated questionnaire, aligning with established frameworks for climate-related financial reporting. Additionally, CDP announced that for the first time, all provinces disclosing through CDP will receive scores alongside cities, providing a vital tool for tracking and measuring advancements in environmental management. Discussions also highlighted the significance of resilience planning and unique benefits of CDP disclosure, which provides essential data and insights that guide public sector strategies and decision-making for local governments.
Recognizing the broader impact, the Workshop also spotlighted the necessity of acknowledging the traditional territories of Indigenous nations and recognizing that Indigenous communities are disproportionately affected by climate change. As we work toward a sustainable future, it is crucial to center their experiences and expertise, ensuring that our climate solutions are inclusive and equitable.
I hope the Workshop reinforced CDP’s commitment to supporting your success. As we evolve to better meet your needs, our goal remains: guiding you toward best practices, fostering collaboration with like-minded partners, and preparing you for a robust disclosure and data ecosystem that supports a sustainable economy.