On December 18, 2024, the Canadian Sustainability Standards Board (CSSB) unveiled its first-ever sustainability standards: CSDS 1 (general requirements for sustainability-related financial disclosure) and CSDS 2 (climate-related disclosures). These standards align with international frameworks and are included in the CPA Canada Handbook – Sustainability. 

The CSSB standards mirror the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2, with minor transitional differences. Notably, Canadian entities have until January 1, 2025, to begin reporting. Additionally, entities applying CSDS 2 for the first three years are not required to disclose Scope 3 emissions or use quantitative climate-related scenario analysis. 

The phased rollout of these standards emphasizes flexibility while promoting enhanced ESG and carbon neutral strategies. Reporting timelines require public companies to submit sustainability data alongside second-quarter financial reports in their first year and within six months for subsequent years. 

In tandem with the CSSB’s efforts, the Canadian Securities Administrators (CSA) have committed to revising mandatory climate-related disclosure rules. These updates aim to align with CSSB standards, accommodate market-specific needs, and ensure efficient capital markets. The CSA also remains attuned to developments in U.S. sustainability regulations to maintain cross-border consistency. 

The introduction of CSSB standards marks a pivotal shift in Canada’s ESG landscape. By mandating transparent reporting, businesses can better address climate-related risks, align with international markets, and meet growing investor demand for sustainable practices. 

Key disclosure elements include governance, strategy, risk management, and metrics, based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. While the CSA had earlier proposed mandatory Scope 1, 2, and 3 GHG disclosures, its current approach adopts flexibility, reflecting market readiness and cost considerations. 

This landmark initiative underscores Canada’s commitment to advancing ESG integration, supporting sustainable development, and fostering long-term resilience in capital markets. 

资料来源 

https://www.securities-administrators.ca/news/csa-issues-market-update-on-climate-related-disclosure-project/ 

https://www.mccarthy.ca/en/insights/blogs/canadian-securities-regulatory-monitor/canadian-sustainability-standards-board-proposes-canadian-sustainability-disclosure-standards 

https://www.nortonrosefulbright.com/en/knowledge/publications/017a4251/canadian-sustainability-standards-board-publishes-sustainability 

https://www.dentons.com/en/insights/articles/2025/january/8/climate-related-disclosure-scenario-canadian-sustainability-standards-board-standards