Hydrocarbon Oligarchy Breakup: Shaping Canadian ESG Programs in 2024

Hydrocarbon Oligarchy Breakup: Shaping Canadian ESG Programs in 2024 by CSE Research Department || Strengthening Global Collaboration in Green Hydrogen

Germany and Canada are strengthening their collaboration in the field of green hydrogen, marking a significant step towards a climate-neutral economy. Federal Economics Minister Robert Habeck and Canadian Energy Minister Jonathan Wilkinson recently signed a declaration of intent for a joint “financing window” as part of the German H2 Global project during a hydrogen conference in Hamburg. This expansion builds upon the German-Canadian Energy and Hydrogen Partnership established in August 2022.

Both countries have earmarked a total of 400 million euros for the H2 Global financing window. Against the backdrop of global challenges, including the Russian war in Ukraine, energy security becomes paramount in the transition to a climate-neutral economy. Habeck and Wilkinson underscored the significance of reliable energy sources and emphasized the alliance between liberal democracies.

Partnerships between companies such as Aurubis, Mabanaft, and Pattern Energy illustrate the commitment to transitioning towards hydrogen-based production. Additionally, a cooperation agreement between the Port of Hamburg and the Port of Argentia in Canada aims to establish maritime transportation infrastructure for hydrogen.

Navigating Geopolitical Shifts: Implications for Energy Security

The challenging interrelation between energy policy, geopolitical security and corporate climate commitments following the invasion of Ukraine is beginning to emerge as top driver of ESG transformation globally. As history unfolds day by day and the international community is trying to design interventions to create a peace process and provide incentives for Russia to change course, the ultimate direction remains uncertain.

Breaking Up Hydrocarbon Oligarchy: The Case for Clean Energy

The implications for Canada, in terms of meeting the goals of security, energy and climate policy may be tremendous. More likely, Canada will face domestic and international pressures to establish its role as a secure source of fossil fuels for Western Europe and other consumers of Russian oil and gas. These developments could pose direct challenges to Canada’s existing climate change commitments and policies.

The outcomes of wars define governance structures, politics and policy directions for decades, even centuries, to come. Accelerating the implementation of an updated, more comprehensive European strategic plan toward clean fuels and a 40% reduction of the Russian oil and gas is expected to generate the optimization of the EU energy system. Humanitarian crisis, supply chain disruptions, price increases, cyberattacks come hand in hand with high-stake geopolitical events. Getting to the 22nd century is going to be a matter of breaking up hydrocarbon oligarchy. This whole war is actually one more piece of evidence that we need to shift to clean and safe sources of energy.

Even top firms with long-standing track records of successfully integrating ESG principles into their business strategy are finding it more difficult than ever to stay ahead of dynamic and constantly evolving ESG expectations. C-suite executives are eager to learn how to navigate through the new regulatory landscapes for Climate Risk and ESG Disclosures. These are some of the topics that will be covered in the upcoming CSE program, which is specially designed for C-level Executives in Canada.

The next Canada Certified Sustainability ESG Practitioner Program will take place on October 24-25 & 28, 2024. Enroll early and benefit from super early bird and group discounts!

Challenges Facing Canadian Corporations in ESG Integration

Some of the key concerns and challenges facing Canada corporations today and for which senior executives are being asked to quickly gain an in depth understanding and learn how to address in the immediate future include:

• Understanding the new regulatory landscape and new disclosure frameworks taking place in regard to climate risk and low carbon economies
• Winning the ESG Race: CSE’s Research identifies insights from  the most profitable companies in the EU, the US and Canada
• Facing diverse investor concerns and motivations
• Integrating ESG criteria into strategic goals and company reporting
• Facing the rising importance of social issues following the pandemic COVID-19 and the geopolitical tensions
• Gaining insight into global best practices for more impactful goal setting for sustainability

CSE’s Role in Leading the Sustainability Shift

The Center for Sustainability and Excellence (CSE) is once again pleased to be leading this inevitable shift, by welcoming registrations from government organizations and leading corporations in Canada.

Sustainability ESG Program will naturally gravitate to Energy and Finance.  Even outside these sectors, sustainability touches all the companies which have anything to do with energy, water, agriculture, population and waste. That means all companies.

Reach us at [email protected] to claim the last spots on time.