Company Assessment

Magna International Inc

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Company Information

Sector

Other/Industrials, Materials, and Consumer Discretionary

ISIN

CA5592224011

Year Added To Focus List

2022

Legend

Yes, meets all criteria
No, does not meet any criteria
Partial, meets some criteria
Not Applicable
Not Currently Assessed

Notes

Sub-indicator 5.2 was omitted from the assessment this year as the Canadian Transition Taxonomy has not yet been published and is required to assess this indicator.

Disclosure Framework

The disclosure framework evaluates corporate disclosure in relation to key actions companies can take to align their businesses with the Climate Engagement Canada and Paris Agreement goals. The framework reflects publicly disclosed information as of June 1st, 2023.

1.1 The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.
a. The company has made a qualitative net zero GHG emissions ambition statement that includes all (or nearly all) Scope 1 and 2 emissions (i.e., direct operations).
b. The company’s net-zero GHG emissions ambition covers the most relevant Scope 3 GHG emissions categories for the company’s sector, where applicable.
2.1 Long-term target: The company has set a target for reducing its GHG emissions between 2036 and 2050.
2.2 Scope of long-term target: The long-term (2036 to 2050) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant Scope 3 emissions (where applicable)
a. The company has specified that this target covers at least 95% of its total Scope 1 and 2 emissions.
b. Where applicable, the company’s Scope 3 GHG emissions target covers at least the most relevant Scope 3 emissions categories for the sector, and the company has published the methodology used to establish the Scope 3 target.
2.3 Long-term alignment to 1.5°C: The company’s last disclosed carbon intensity OR its short-term or medium-term targeted carbon intensity OR the company’s expected carbon intensity derived from their long-term GHG target is aligned with or below the relevant sector trajectory needed to achieve the Paris Agreement goal of limiting global temperature increase to 1.5° Celsius with low or no overshoot in 2050.

In the case of electricity utility companies, the relevant year of long-term alignment is 2040. This is equivalent to IPCC Special Report on 1.5° Celsius pathway P1 or net zero emissions by 2050.
3.1 Medium-term target: The company has set a target for reducing its GHG emissions by between 2027 and 2035.
3.2 Scope of medium-term target: The medium-term (2027 to 2035) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant Scope 3 emissions (where applicable).
a. The company has specified that the target covers at least 95% of its total Scope 1 and 2 emissions.
b. If the company has set a Scope 3 GHG emissions target, it covers the most relevant Scope 3 emissions categories for the company’s sector (for applicable sectors), and the company has published the methodology used to establish any Scope 3 target.
3.3 Medium-term alignment to 1.5°C: The company’s last disclosed carbon intensity OR its short-term or medium-term targeted carbon intensity OR the company’s expected carbon intensity derived from their long-term GHG target is aligned with or below the relevant sector trajectory needed to achieve the Paris Agreement goal of limiting global temperature increase to 1.5° Celsius with low or no overshoot in 2035.

This is equivalent to IPCC Special Report on 1.5° Celsius pathway P1 or net zero emissions by 2050.
4.1 Short-term target: The company has set a target for reducing its GHG emissions between 2023 and 2026.
4.2 Scope of medium-term target: The short-term (up to 2026) GHG reduction target covers at least 95% of Scope 1 & 2 emissions and the most relevant Scope 3 emissions (where applicable).
a. The company has specified that the target covers at least 95% of its total Scope 1 and 2 emissions.
b. If the company has set a Scope 3 GHG emissions target, it covers the most relevant Scope 3 emissions categories for the company’s sector (for applicable sectors), and the company has published the methodology used to establish any Scope 3 target.
4.3 Short-term alignment to 1.5°C: The company’s last disclosed carbon intensity OR the company’s expected carbon intensity derived from their short-term GHG target is aligned with or below the trajectory (for its respective sector) to achieve the Paris Agreement goal of limiting global temperature increase to 1.5°Celsius with low or no overshoot (equivalent to IPCC Special Report on 1.5° Celsius pathway P1 or net zero emissions by 2050) in 2026.
5.1 Strategy to meet GHG reduction targets: The company has a decarbonisation strategy that explains how it intends to meet its long and medium-term GHG reduction targets.
a. The company identifies the set of actions it intends to take to achieve its GHG reduction targets over the targeted timeframe. These measures clearly refer to the main sources of its GHG emissions, including Scope 3 emissions where applicable.
b. The company quantifies key elements of this strategy with respect to the major sources of its emissions, including Scope 3 emissions where applicable (e.g. changing technology or product mix, supply chain measures, R&D spending).
5.2 Climate solutions commitment: The company’s decarbonisation strategy specifies the role of climate solutions (i.e., low-carbon technologies, infrastructure or other activities which help displace fossil fuels).
a. The company discloses the revenue it already generates from climate solutions and discloses their share in overall sales.
b. The company has set a target to increase the share of revenue from climate solutions in its overall sales.
6.1 Future capex alignment: The company is working to decarbonise its capital expenditures.
a. The company explicitly commits to align its capital expenditure plans with its long-term GHG reduction target OR to phase out planned expenditure in unabated carbon intensive assets or products.
b. The company explicitly commits to align its capital expenditure plans with the Paris Agreement’s objective of limiting global warming to 1.5° Celsius AND to phase out investment in unabated carbon intensive assets or products.
6.2 Methodology for alignment: The company discloses the methodology used to determine the Paris alignment of its future capital expenditures.
a. The company discloses the methodology and criteria it uses to assess the alignment of its capital expenditure plans with decarbonisation goals, including key assumptions and key performance indicators (KPIs).
b. The methodology quantifies key outcomes, including the percentage share of its capital expenditures that is invested in carbon intensive assets or products, and the year in which capital expenditures in such assets will peak.
7.1 Advocacy position aligned with Paris Agreement: The company has a Paris Agreement-aligned climate advocacy position and all of its direct advocacy activities are aligned with this.
a. The company has a specific commitment/position statement to conduct all of its advocacy in line with the goals of the Paris Agreement.
b. The company lists its climate-related lobbying activities, e.g. meetings, policy submissions, etc.
7.2 Trade association advocacy consistency: The company has Paris Agreement-aligned advocacy expectations for its trade associations, and it discloses its trade association memberships.
a. The company has a specific commitment to ensure that the trade associations the company is a member of lobby in line with the goals of the Paris Agreement.
b. The company discloses its trade associations memberships, policy submissions, and grassroots lobbying communications.
7.3 Process to ensure trade association Paris Agreement alignment: The company has a process to ensure its trade associations lobby in accordance with the Paris Agreement.
a. The company conducts and publishes a review of its trade associations’ climate positions/alignment with the Paris Agreement
b. The company explains what actions it took as a result of this review.
8.1 Board oversight: The company’s board has clear oversight of climate change.
a. The company discloses evidence of board or board committee oversight of the management of climate change risks. See the detailed methodology for more information.
b. The company has named a position at the board level with responsibility for climate change. See the detailed Methodology document for more information.
8.2 Remuneration arrangements: The company’s executive remuneration scheme incorporates climate change performance elements.
a. The company’s CEO and/or at least one other senior executive’s remuneration arrangements specifically incorporate climate change performance as a KPI determining performance-linked compensation (reference to ‘ESG’ or ‘sustainability performance’ are insufficient).
b. The company’s CEO and/or at least one other senior executive’s remuneration arrangements incorporate progress towards achieving the company’s GHG reduction targets as a KPI determining performance linked compensation (requires meeting relevant target indicators 2, 3, and/or 4).
8.3 Board climate-related capabilities/competencies: The board has sufficient capabilities/competencies to assess and manage climate related risks and opportunities.
a. The company has assessed its board competencies with respect to managing climate risks and discloses the results of the assessment.
b. The company provides details on the criteria it uses to assess the board competencies with respect to managing climate risks and/or the measures it is taking to enhance these competencies.
9.1 Acknowledgment: The company has made a formal statement recognising the social impacts of their decarbonization strategy – the Just Transition – as relevant for its business. It has also acknowledged potential impacts on Indigenous peoples.
a. The company has publicly acknowledged that implementation of its decarbonization strategy may have impacts on Indigenous communities, Indigenous governments, and/or Indigenous businesses and contractors.
b. The company has publicly acknowledged that implementation of its decarbonization strategy may have impacts on its workers (including contractors), unions, communities, suppliers, and/or customers.
9.2 Planning and Engagement: The company provides evidence of just transition planning and engages with relevant rights holders and stakeholders on the development of these plans.
a. In the development of its decarbonization strategy, the company has engaged or has a process in place to engage with the Indigenous communities, governments, and/or Indigenous businesses and contractors that may be affected by the implementation of its strategy.
b. In the development of its decarbonization strategy, the company has engaged or has a process in place to engage with workers (including contractors), unions, communities, suppliers and/or customers that may be affected by the implementation of its strategy.
9.3 Commitment: The company has committed to Just Transition principles.
a. The company has committed to addressing adverse impacts of the implementation of its decarbonization strategy on Indigenous communities, Indigenous governments, and/or Indigenous businesses and contractors.
b. The company has made a public statement committing to the principles of free, prior and informed consent (FPIC) where Indigenous peoples are affected by its decarbonization strategy. Further, the company has outlined a process to ensure the participation of Indigenous peoples in decisions affecting them is consistent with the effective protection of their fundamental rights.
c. The company has committed to decarbonize in line with Just Transition principles as set out in the International Labour Organization’s Just Transition Guidelines.
d. The company has committed to retain, retrain, redeploy, and/or compensate workers (including contractors) affected by implementation of its decarbonization strategy.
e. The company discloses the quantifiable Key Performance Indicators it uses to track its commitment to a Just Transition.
10.1 Support for TCFD recommendations: The company has publicly committed to implement the recommendations of the Task Force on Climate related Financial Disclosures (TCFD).
a. The company explicitly commits to align its disclosures with the TCFD recommendations OR it is listed as a supporter on the TCFD website.
b. The company explicitly sign-posts TCFD aligned disclosures in its annual reporting or publish es them in a TCFD report.
10.2 Scenario analysis: The company employs climate-scenario planning to test its strategic and operational resilience.
a. The company has conducted a climate-related scenario analysis including quantitative elements and disclosed its results.
b. The quantitative scenario analysis explicitly includes a 1.5° Celsius scenario, covers the entire company, discloses key assumptions and variables used, and reports on the key risks and opportunities identified.

Disclaimer: The information presented is meant for the purposes of information only and is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. This information is provided with the understanding that no organization or entity, including Climate Engagement Canada, its partner organizations, data providers, or participating investors, are providing advice on legal, economic, investment, or other professional issues and services. The inclusion of companies does not in any way constitute an endorsement of these organizations by any party. Neither Climate Engagement Canada nor any other party is responsible for any errors or omissions, or for any decision made or action taken based on information contained in this section or for any loss or damage arising from or caused by such decision or action. All information in this section is provided “as-is,” with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied as to the accuracy, fairness or sufficiency of the information contained in this section. Save in the case of fraud, no liability is accepted for any errors, omissions, or inaccuracies in this section.

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