Competition Act (R.S.C. 1985, c. C-34), greenwashing amendments enacted by Bill C-59 (Fall Economic Statement Implementation Act, 2023)

CSSB issued final CSDS 1 and CSDS 2 on 18 December 2024, aligned with IFRS S1 and S2 with extra transition reliefs. Standards are voluntary. The CSA paused its mandatory climate disclosure rulemaking on 23 April 2025.

Enforcement

Voluntary

Effective date

Annual reporting periods beginning on or after 1 January 2025 (with transition reliefs)

Covered entities

Any Canadian entity (voluntary). CSA paused work on mandatory rule citing global developments.

OSFI guideline setting expectations for climate risk governance, strategy, risk management, scenario analysis, and capital and liquidity adequacy at federally regulated financial institutions. Includes financial disclosure expectations being aligned with CSSB's CSDS standards.

Enforcement

Mandatory for federally regulated financial institutions

Effective date

Fiscal year-end 2024 for D-SIBs and IAIGs headquartered in Canada. Fiscal year-end 2025 for all other in-scope FRFIs.

Covered entities

All federally regulated financial institutions (FRFIs)

In-scope entities and government institutions must file an annual report to the Minister of Public Safety by 31 May describing the steps taken in the prior financial year to prevent and reduce forced labour and child labour risks in their activities and supply chains, and publish the report on their website. The Act amends the Customs Tariff to prohibit imports of goods made with forced or child labour. Offences carry fines up to CAD 250,000 and director/officer liability.

Enforcement

Mandatory

Effective date

1 January 2024; first annual reports due by 31 May 2024 and each 31 May thereafter

Covered entities

Government institutions producing, purchasing, or distributing goods, plus 'entities' (corporations, trusts, partnerships, or other unincorporated organisations) that are listed on a Canadian stock exchange, or have a place of business in Canada, do business in Canada, or have assets in Canada and meet at least two of: CAD 20 million in assets, CAD 40 million in revenue, or 250 employees on average (worldwide, in at least one of the two most recent financial years), and are involved in producing, importing, or distributing goods.

The Directive amends the Unfair Commercial Practices Directive and the Consumer Rights Directive to ban generic environmental claims (such as eco-friendly or climate neutral) that are not backed by recognised excellent environmental performance, and to prohibit offset-based neutrality claims and unverified future commitments. Sustainability labels must be based on certification schemes or set by public authorities.

Enforcement

Mandatory

Effective date

Transposition deadline 27 March 2026; application from 27 September 2026

Covered entities

Traders selling goods or services to consumers in the EU internal market

The proposed Directive would require companies to substantiate voluntary environmental claims with scientific evidence and have them verified by an accredited third party before use. The file has been suspended since June 2025 following the Commission's stated intention to withdraw the proposal, though it remains formally on the legislative agenda.

Enforcement

Mandatory (if adopted)

Effective date

Not yet adopted; no application date

Covered entities

Traders making voluntary explicit environmental claims about products or services in the EU; micro-enterprise scope is contested

The rule requires that any reference an authorised firm makes to the sustainability characteristics of its products or services is consistent with those characteristics and is fair, clear and not misleading. FG24/3 sets out the FCA's expectations on substantiation, evidence and ongoing review.

Enforcement

Mandatory

Effective date

31 May 2024

Covered entities

All FCA-authorised firms making references to the sustainability characteristics of a product or service to UK clients (retail or professional)