Business View Civil and Municipal | March 2021

5 CIVIL AND MUNICIPAL MARCH 2021 O p e n i n g L i n e s M A R C H 2 0 2 1 CANADA CLIMATE LAW INITIATIVE APPLAUDS TRUDEAU-BIDEN COL TO IMPROVE REPORTING AND DISCLOSURE OF CLIMATE RISKS C anada Climate Law Initiative (CCLI) welcomes the commitment of Prime Minister Trudeau and President Biden for Canadian and American public and private financial institutions to work together to advance the adoption of climate-related financial risk disclosure, including the achievement of a net-zero emissions economy. The bilateral announcement reinforces CCLI’s view that disclosure of climate-related financial risk is a necessary and urgent imperative for Canadian businesses to remain competitive, and to continue to attract capital as global investor sentiments and regulatory regimes shift towards a net-zero economy. The two leaders also pledged to work together against ‘unfair competition’, which could include measures such as partnership on a carbon border tariff adjustment that would prevent ‘carbon leakage’, or the practice of moving production away from jurisdictions with tighter carbon controls. CCLI supports the initiatives of the federal government that advance the integration of environmental, social, and governance (ESG) factors into company and pension fund decision- making processes as well as in financial reporting. CCLI leads the way in providing the necessary tools and knowledge to Canadian corporate and pension boards about the latest developments in climate-related financial risks and opportunities. In addition to rigorous research in conjunction with international partners, CCLI’s Climate Governance Experts program offers 70 of Canada’s most highly respected and informed professionals to deliver free of