Canada has officially introduced its first set of sustainability disclosure standards, the Canadian Sustainability Disclosure Standards (CSDSs), which will guide companies in reporting on ESG factors and climate-related risks. Released by the Canadian Sustainability Standards Board (CSSB) on December 18, 2024, these new standards align with the International Sustainability Standards Board (ISSB) guidelines and offer additional transitional reliefs for businesses. 

The CSDSs, which include CSDS 1 (General Requirements for Sustainability-related Financial Information) and CSDS 2 (Climate-related Disclosures), are designed for voluntary adoption starting from January 1, 2025. The standards aim to help Canadian businesses improve transparency in sustainability practices, focusing on key areas like Scope 3 GHG emissions, scenario analysis, and the alignment of financial and sustainability reporting. While the standards are voluntary, experts recommend businesses, particularly CPAs, prepare early to integrate them into annual reports. This proactive approach will help businesses stay ahead of future mandatory regulations, as Canadian Securities Administrators are expected to propose new climate-related disclosure rules. 

The CSSB has provided several transitional relief measures to ease the adoption process, including extended timelines for Scope 3 emissions reporting and quantitative scenario analysis. These measures are aimed at helping businesses, especially small and medium-sized enterprises (SMEs), navigate the complexities of sustainability reporting. 

For CPAs, the new standards present an opportunity to lead sustainability efforts by leveraging their skills in materiality assessment and process development. CPAs will need to build new capacities to understand sustainability risks and opportunities, while ensuring high-quality reporting. CPA Canada is providing resources, such as a sustainability certificate and reporting tools, to assist professionals in this transition. 

Canada’s leadership in sustainability reporting is expected to grow, with future developments focusing on biodiversity, human capital, and Indigenous engagement, underscoring the nation’s commitment to a carbon-neutral strategy and improved ESG practices. 

资料来源 

https://www.cpacanada.ca/news/Analysis/cssb-standards 

https://www.esgtoday.com/canadas-cssb-releases-ifrs-based-sustainability-and-climate-reporting-standards/ 

https://www.pwc.com/ca/en/today-s-issues/environmental-social-and-governance/insights/need-to-know-about-csds.html 

https://www.arbor.eco/blog/canadian-sustainability-disclosure-standards-csds