TORONTO | Traditional territories of the Mississaugas of the Credit, the Anishinaabeg, the Haudenosaunee and the Huron-Wendat – Climate Engagement Canada (CEC), a finance-led initiative that drives dialogue between the financial community and corporate issuers to promote a just transition to a net zero economy, today released its fourth annual Disclosure Benchmark and updated Public Policy Engagement Alignment Assessments.

The Disclosure Benchmark assesses publicly disclosed climate-related practices across 39 Focus List companies. These companies represent many of Canada’s top reporting or estimated emitters and/or corporate issuers with a significant opportunity to contribute to the transition to a low-carbon future in Canada. The CEC Disclosure Benchmark evaluates only what is publicly disclosed to investors, on the basis that material disclosures provide the most reliable window into substantive progress.

The 2026 Disclosure Benchmark reveals an important tension: medium-term targets remained resilient and several areas of climate planning and analysis continued to develop, even as some longer-term publicly disclosed climate commitments softened.

The results come after a period of changing policy and market conditions in Canada and internationally.

“The benchmarking shows that corporate climate planning has been resilient despite recent challenging times. Year-over-year improvements in disclosing decarbonization strategies, scenario planning, and climate-aligned capital allocation demonstrate that companies are continuing their work. The four-year record provides a broader view of how publicly disclosed climate practices are evolving, rather than a simple story of progress or retreat.

CEC’s ongoing dialogue between investors and companies keeps the focus on practical progress. These exchanges also help investors understand—and advocate for—the government policies and support companies need to advance their climate plans.”

Barb Zvan
President and CEO, University Pension Plan and CEC Steering Committee Chair

Four Years Show an Uneven Path

All Focus List companies have disclosed board oversight of climate change for three consecutive years. The number of companies disclosing transition plans increased from 16 in 2023 to 26 in 2026, while the number disclosing commitments related to climate-aligned capital allocation increased from none to eight. Scenario analysis disclosure also strengthened for the fourth consecutive year.

“Four years of benchmarking offer an important perspective on how corporate climate strategies are evolving as the realities of the transition become more complex. For investors, the question is how companies are adapting their strategies to changing commercial conditions, and whether those decisions leave them better prepared to manage long-term risks. CEC’s research provides a valuable foundation for sustained engagement on these questions, particularly where companies are taking different approaches to the transition.”

Merriam Haffar, PhD
Director, Stewardship, Mackenzie Investments and CEC Technical Committee Chair

2026: Planning Advances as Longer-Term Public Commitments Soften

Year over year, two fewer companies disclosed net zero ambitions and two fewer disclosed long-term GHG reduction targets. Medium-term targets remained broadly stable year over year, with 29 companies, or 74%, disclosing them. The number of companies disclosing commitments related to climate-aligned capital allocation increased by one, with two companies newly meeting the indicator and one no longer meeting it. Four additional companies disclosed quantitative scenario analysis results.

The shifts were incremental rather than broad based, with changes among individual companies across multiple sectors. The results show that publicly disclosed long-term commitments and climate-related planning are not moving in lockstep.

Public Policy Engagement Results Remain Mixed

InfluenceMap assesses the alignment of companies’ direct climate policy engagement and the engagement of their industry associations with science-based climate policy. Overall Performance Bands, which combine these two dimensions, weakened compared with 2025. No company received a grade indicating broad support for science-aligned climate policy.

Beneath the overall ratings, the share of companies assessed as partially aligned in their direct climate policy engagement increased slightly, while fewer companies were assessed as misaligned through industry associations.

2026 Benchmark at a Glance

Disclosure Benchmark

• Net zero ambitions: 15 companies (38%), down from 18 companies (44%) in 2023, the first year of the Benchmark
• Long-term GHG reduction targets: 15 companies (38%), down from 19 companies (46%) in 2023
• Medium-term GHG reduction targets: 29 companies (74%), compared with 32 companies (78%) in 2023
• Transition plans: 26 companies (67%), up from 16 companies (39%) in 2023
• Commitments related to climate-aligned capital allocation: 8 companies (21%), up from none in 2023
• Quantitative scenario analysis disclosure: 23 companies (59%), with disclosure strengthening for the fourth consecutive year and up from 12 companies (29%) in 2023.

Note: The Focus List included 41 companies in 2023 and 39 in 2026. Percentages reflect the Focus List for each assessment year.

Public Policy Engagement Alignment Assessments

• Overall climate policy alignment: aggregate policy engagement by 15 companies (38%) was rated at least partially aligned with science-based recommendations, down from 45% in 2025
• Direct climate policy engagement: 41% of companies were assessed as partially aligned, up from 38% in 2025; 38% were assessed as misaligned, down from 43%
• Engagement through industry associations: 56% of companies were assessed as misaligned, down from 63% in 2025

About the 2026 Assessments

The 2026 assessments provide updated, comparable information to support CEC participant investors’ engagements with 39 Focus List companies.

The Disclosure Benchmark, researched by Quinn+Partners and based on publicly disclosed information as of June 1, 2026, assesses company disclosures across ten indicators covering emissions reduction targets, decarbonization strategy, capital allocation, climate policy engagement, governance, just transition and climate-related financial disclosures.

The Public Policy Engagement Alignment Assessments, conducted by InfluenceMap, provide complementary analysis of companies’ direct climate policy engagement and engagement through industry associations.

Climate Accounting and Auditing and Capital Expenditure Alignment Assessments

CEC introduced these assessments in 2025 to establish a baseline for investor engagement. In 2026, the Steering and Technical Committees decided to continue using the 2025 analysis as a reference point while engagement teams consider subsequent developments, including updated capital allocation decisions.

The publication of new comprehensive assessments will be considered in 2027.

ACCESS THE 2026 ASSESSMENTS

The 2026 Disclosure Benchmark, Public Policy Engagement Alignment Assessments and supporting materials are available here.

Additional information on CEC’s methodology, evaluation process, Focus List company input, research partners and governance is available here.

CEC Disclaimer and Data Usage Terms and Conditions

The CEC Disclosure Benchmark does not score or rank corporate issuers, nor does it use overall numeric or alphabetic ratings. Please see the CEC Disclaimer and Data Usage Terms and Conditions for additional information.