Greenpeace Canada submits that, as the risks of climate change are material to the market price or value of securities, disclosure of climate risks should be mandatory. These risks should be evaluated based on a scenario where warming is kept well below two degrees Celsius, with an aim of keeping temperature increase to 1.5 degrees Celsius (as committed to under the Paris climate agreement).
We further submit that any disclosure regime needs to ensure that such disclosure is meaningful, substantive and reliable. Finally, the obligation to disclose these risks should be enforced. Rigorous enforcement of disclosure requirements is necessary in order to allow the financial impacts of climate change risks to be fully appreciated.