Establish broad coverage of climate risk disclosure • YouBetcha

Current Status

Status: Not Started

No concrete actions have been taken by the Carney government to establish broad climate risk disclosure requirements for companies across Canada or to prioritize partnerships for the promised outcomes.

Background

Climate risk disclosure has emerged as a key tool in global efforts to address the financial implications of climate change, with investors and regulators increasingly demanding transparency on how businesses are exposed to physical and transition risks. During the 2025 federal election campaign, Mark Carney, drawing on his background as a former central banker and UN climate envoy, pledged to implement broad disclosure rules to foster a sustainable economy, emphasizing collaboration with provinces, territories, and international bodies to standardize reporting and guide capital flows. Fulfilling this promise would require federal leadership in developing or mandating disclosure frameworks applicable to a wide range of companies, potentially building on existing financial sector guidelines but extending them economy-wide through legislation or regulatory measures. Prior governments, including Justin Trudeau's administration, introduced sector-specific initiatives like greenhouse gas pricing [5] and impact assessments [4], which provided some context for climate policy but did not address comprehensive disclosure for all companies.

Evidence

No qualifying actions by the Carney government have been identified toward establishing broad coverage of climate risk disclosure for companies across Canada. While the Office of the Superintendent of Financial Institutions issued a guideline on climate risk management on March 7, 2025 [1], and updated business specifications for climate-related risk returns for insurers in November 2025 [2], these measures occurred prior to or at the outset of the Carney administration and focus narrowly on federally regulated financial institutions, not companies across all sectors. No subsequent steps, such as new legislation, regulatory expansions, or documented partnerships with provincial, territorial, or international entities, have been taken by the Carney government as of March 26, 2026. Budgetary or departmental plans, including the Department of Justice's 2026-2027 departmental plan [3] and the Budget 2025 Implementation Act passed in the 45th Parliament [7], reference economic priorities but contain no specific provisions advancing climate risk disclosure.

Assessment

Prime Minister Mark Carney's government has yet to deliver on its campaign promise to establish broad climate risk disclosure for companies across Canada, with no evidence of tangible progress since taking office. The absence of new regulatory frameworks, legislative proposals, or collaborative initiatives with partners leaves the commitment unaddressed, despite the urgency of aligning capital with sustainable goals amid rising climate threats. This lack of action risks undermining investor confidence and Canada's position in international climate finance discussions, as the government has not built on earlier financial sector efforts to create the comprehensive transparency Carney pledged.

Current Status

Background

Evidence

Assessment

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