Empowering Women Take a Stand: A Letter Addressing the Climate Crisis

A recent push by around 80 women leaders in business and civil society is urging Canadian securities regulators to resume work on mandatory climate disclosures. This call was sparked by the abrupt decision from regulators to pause these important discussions earlier this year.

In an open letter organized by Women Leading on Climate, the signatories expressed their deep concern over this pause. They believe it undermines efforts to maintain a competitive and resilient market. The letter highlights that understanding the financial risks of climate change is crucial for investors.

Barbara Zvan, CEO of the University Pension Plan, emphasized the need for better data to assess these risks, noting, “We cannot fully understand this risk because we’re missing the data.”

“Women are leading by bringing our knowledge, traditions, and collective strength to the forefront of climate action.” @KluaneAdamek #WomenLeadingOnClimate pic.twitter.com/7N32HPTlgI

— WomenLeadingonClimate (@WomenOnClimate) February 11, 2025

Countries like the European Union, China, and India already have climate disclosure standards in place or in development, representing over half of global GDP. Zvan pointed out, “All our partners that we actually want to increase trade with are doing this.”

Barbara Stymiest, a director at George Weston Ltd., voiced her concerns about Canada missing out on global investment opportunities. “Canada is a small fish, and we need global capital,” she explained, stressing that this pause could hinder Canada’s ability to compete.

However, the political landscape is complex. Grant Vingoe, chief executive of the Ontario Securities Commission, noted that the United States also backtracked on climate disclosure rules, which added to a sense of uncertainty. He mentioned the importance of timing in this decision, suggesting they want to avoid moving forward during heightened anxiety in the markets.

Vingoe assured that the pause is temporary and not a final decision. He hopes to revisit the issue in a couple of years, as many companies are already voluntarily advancing their climate-related disclosures.

The recent wildfires in Western Canada and devastating fires in California serve as stark reminders of the urgent need for action. Catherine McKenna, former federal environment minister and now CEO of Women Leading on Climate, argued that Canada cannot afford to fall behind while the world moves forward. She believes that establishing strong climate disclosure regulations is essential for attracting vital investments for the country’s future.

As climate change becomes increasingly pressing, the conversation around transparency grows louder. By improving disclosures, Canada could create a more informed investment landscape that not only protects the economy but also prioritizes the health of the planet.

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