Thu Dec 22, 2022 – 10:32 am ESTThu Dec 22, 2022 – 10:36 am EST ANALYSIS
OTTAWA (The Epoch Times) — Ottawa has committed to turning Canada into a global leader in environmental, social, and governance (ESG) reporting, and as the time draws nearer for new regulations to hit public companies, analysts say small businesses stand to get hit disproportionately hard.
Regulations are being crafted by international bodies to ensure consistent global standards. They then feed into the basis of Canadian regulatory proposals. A new Canadian Sustainability Standards Board (CSSB) is set to launch in 2023 and has been tasked to work with the new International Sustainability Standards Board (ISSB), which will have an office in Montreal.
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For reporting purposes, greenhouse gas (GHG) emissions have been classified into three scopes: Scope 1 refers to emissions stemming from the manufacturing process. Scope 2 refers to those from operations of a manufacturing facility like heating and hydro. Scope 3 is everything else, from raw material extraction to final consumption and subsequent disposal.
Krystle Wittevrongel, senior policy analyst and Alberta project lead at the Montreal Economic Institute (MEI), told The
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