The controversial anti-greenwashing provision within the government’s Bill C-59, enacted in June, makes changes to the Competition Act with the aim of forcing companies to prove their assertions of environmental performance
Contentious changes to the federal Competition Act aimed at preventing corporate greenwashing leave lingering risks for investors of falling victim to false or exaggerated environmental claims, according to new research from an environmental law charity.
The act’s shortcomings are compounded by the fact that voluntary guidelines around environmental disclosure and efforts to bolster it are being developed simultaneously by a number of self-governing and regulatory organizations and are in various stages of progresswith no central authority driving the process, said Julien Beaulieu, a law lecturer at the University of Sherbrooke and lead author of the report.
Efforts under way include the Canadian Sustainability Standards Board’s process to adapt international guidelines for climate and sustainability reporting to the domestic economy, and the expected move by the country’s securities commissions to eventually include them in their regulations. Mark Carney, the former governor of the Bank of Canada and Bank of England who recently accepted an economic adviser role for the federal Liberals, has also been vocal in. Individuals and companies could face sizable fines if found liable.
The Competition Bureau invited submissions as part of its consultation efforts, and is expected to release the results in the coming weeks.
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