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Environmental Social Governance (ESG) is a topic of increasing importance in all business sectors across Canada, shaping many corporations’ business agendas as investors prioritize integrative investment approaches. In the energy sector, many companies in Canada are motivated to set and attain ESG benchmarks, following strict local regulations.
All of Canada’s largest oil and gas and electrical utility companies provide ESG reports, but the number drops off substantially among smaller oil and gas producers, renewable energy companies, smaller utilities, and pipeline companies. All the international majors produce a public ESG report, but fewer than half provide any detailed ESG information about their Canadian operations.
Companies also take very different approaches to reporting on specific environmental, social and governance topics. Many topics that are key elements of a company’s sustainability performance (and are included in every major ESG framework) are not consistently reported on by any Canadian energy subsector—including GHG emissions, land use, biodiversity, water use, waste, gender equity, diversity and inclusion and supply chain management.
Canadian industry expertise and thought leadership in oil, gas, and power attract a pool of investors ready to reinvest into areas of cleantech, carbon capture and hydrogen; COVID-19 has been a catalyst for the shift in investment diversification. As the world emerges from this crisis, the investment community will pivot towards the next new environmental challenge, decarbonization. Canada’s trajectory towards a net-zero economy by 2050 represents an unprecedented risk and opportunity for many investors as this initiative will require massive reallocation of capital.
Former Bank of England Governor Mark Carney estimates that the energy transition through 2050 could require up to $3.5 trillion in investment every year. It will create momentum for investment similar to the energy sector’s investment boom of the nineties and will be driven by market size and resiliency.
Mining and mineral businesses and their stakeholders face challenges on many fronts including performance related to climate change, energy, water, sanitation, land use, ecosystem services, food, education, health, local infrastructure, and corruption. Mining companies need to consider whether there are environmental, social or governance risks that may affect their ability to: raise capital; obtain permits; work with communities, regulators and NGOs; and/or protect their assets from impairments. And then there may be opportunities to: reduce energy and water bills or carbon emissions; improve operational performance; enhance community and regulatory relationships; and manage closure viability. While some companies will struggle with higher inflation, businesses with robust ESG practices have an advantage.
CSE’s flagship course, the Certified Sustainability ESG Practitioner Program, LEADERSHIP EDITION 2022, Digital Version on April 7-8 & 11, will naturally gravitate to Energy and Finance.
The Leadership Edition is designed for CEOs, corporate leaders and C-suite executives with more than 10 years of working experience in the field, from all the sectors of the global economy who want to address key Sustainability ESG challenges and develop a sustainability vision and strategy, improve branding and ESG ratings, reduce stakeholder-related risks and lead sustainable companies to deliver economic returns reach global Sustainability ESG goals and understand evolving international laws.
Reach us at [email protected] for early bird and group discounts.
This spring, get recognized as a Sustainability ESG Practitioner and get certified with the new GRI universal standards
