The rapidly evolving Environmental, Social and Governance (ESG) landscape, conflicting regulations and increasing fragmentation across jurisdictions place significant pressure on companies, both in Canada and abroad. To manage these challenges, companies must closely monitor developments and refine their ESG priorities and governance.
In the second edition of its ESG Guide, The Global Legal Post provides an up-to-date jurisdictional comparison of the latest legal developments, enforcement trends, and policy drivers impacting businesses globally. Members of Fasken's ESG and Sustainability practice are proud to have authored the Canadian chapter, highlighting significant changes in ESG within Canada over the past year, including:
- Supply Chains Legislation: The Fighting Against Forced Labour and Child Labour in Supply Chains Act came into force on January 1, 2024, requiring entities to file annual reports on measures taken to prevent forced and child labour.
- Competition Act Amendments: The Competition Act was amended on June 1, 2024 to add new provisions explicitly prohibiting greenwashing, requiring substantiated environmental claims and imposing penalties for violations.
- Carbon Pricing: British Columbia introduced a new emissions pricing system in April 2024, replacing the CleanBC Industrial Incentive Program and allowing regulated companies to purchase offsets to meet compliance obligations.
For an in-depth analysis of recent ESG regulatory changes and their potential impact on Canadian business operations and compliance strategies, access the full Canadian chapter from The Global Legal Post.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
