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 is Open for Consultation. Learn more below.

PUBLIC CONSULTATION: CEC NET ZERO BENCHMARK

CONSULTATION PERIOD: JANUARY 19 – FEBRUARY 15, 2023

The CEC Net Zero Benchmark disclosure framework is being 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 is meant to gain feedback and ensure participant support for the final benchmark tool. The consultation is also meant to help inform, engage, and build the capacity of participants to use the CEC Benchmark to support their engagements efforts. 

*The disclosure assessments will be 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.

GETTING STARTED

CEC net zero benchmark

Click to download the Draft CEC Benchmark Disclosure Framework and Guidance Memo. This is the document that requires your feedback.

Consultation Guide

Click to download the CEC Net Zero Benchmark Consultation Guide. This guide is intended to be used alongside the survey.

Feedback survey

Use the online survey to submit your comments. Please note, we are looking to receive one response per organization.

BACKGROUND INFORMATION

Who is this consultation for?
This consultation is intended for CEC participant organizations. We will seek feedback from Indigenous organizations, and the Benchmark will also be open for input from the broader public. Please note, we are looking to receive one response per organization.

What will happen with your feedback?
Input obtained via this consultation will be considered in the development of the final draft of the CEC Benchmark framework to the extent possible. Following these consultations, the final CEC Net Zero Benchmark framework will be published on the CEC website. The evaluations of companies against the Benchmark are scheduled to be conducted throughout 2023.

Additional Information:
Climate Engagement Canada will benchmark its Focus List Companies’ commitments and performance against a range of key performance indicators.

This Benchmark is largely modelled after the one created by the global climate investor initiative CA100+.  The CEC’s Benchmark will inform the work of CEC’s participant engagement teams, establish common standards, and provide a framework for the setting of engagement objectives to help us reach net zero. 

Engagement teams may use this evaluation to guide discussions regarding ways to improve practices at the company level. It can also be used by teams to point to best practices by other companies that meet or exceed CEC expectations in a particular area.

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.