CEC Net Zero Benchmark
Assessing Canada’s Largest Corporate Greenhouse Gas Emitters on their Net Zero Transition
Climate Engagement Canada will be benchmarking Focus List companies’ commitments and performance against its engagement framework, as well as those of industry peers. This benchmark will be useful to CEC participants when engaging with companies to provide a framework for dialogue and for setting engagement objectives. Participants may use the benchmark information to highlight areas of discussion and ways to improve practices at the Focus List companies.
The Draft CEC Net Zero Benchmark Consultation is now closed.
COMING SOON: CEC NET ZERO BENCHMARK
CONSULTATION PERIOD NOW CLOSED
The Draft CEC Net Zero Benchmark disclosure framework was released for comments after careful consideration by the initiative’s Technical and Steering Committees.* Efforts have been taken to ensure the benchmark is suitable for the Canadian context, in particular, in relation to assessing potential impacts of the net zero transition on Indigenous Peoples.
The public consultation was conducted to gain feedback and ensure participant support for the final benchmark tool. The consultation also helped to inform, engage, and build the capacity of participants to use the CEC Benchmark to support their engagements efforts.
*The disclosure assessments are complemented by sector-specific studies of alignment of capital expenditures, lobbying and advocacy activities, and other elements which will help investors assess company progress on climate objectives. CEC will announce specific alignment assessments to be produced in 2023. See here for examples of alignment assessments produced by CA100+ to date.
DRAFT CEC NET ZERO BENCHMARK
CEC AND CLIMATE ACTION 100+
Launched in December 2017, CA100+ aims to ensure that the world’s largest corporate greenhouse gas emitters take necessary action on climate change. CA100+ is now the largest ever global investor engagement initiative on climate change, with more than 700 investor signatories, comprising over US$68 trillion in assets under management.
Only 6 companies – out of CA100+ Focus List of 167 – are Canadian. CEC has been designed to pick up where CA100+ leaves off, by focusing its efforts on the climate performance of 40 of the top emitters traded on the TSX, who are not already included in the CA100+ Focus List.
Both of these benchmark efforts (i.e., CEC and CA100+) seek to define and measure performance against key success indicators for business alignment with the goals of the Paris Agreement and to limit global temperature rise to 1.5°C.
The CEC Net Zero Benchmark seeks to maintain maximum alignment with CA100+ Net Zero Company Benchmark so that we are advancing a global standard for climate action.