Dear CEC Participants,

Barbara Zvan, President & CEO, UPP & CEC Steering Committee Chair.

One year ago, the launch of Climate Engagement Canada (CEC) marked a milestone foundation for Canada’s transition to a low-carbon future. CEC sets the stage for a unified investor voice to Canadian companies on the need for accelerated climate action and a Canadian “community of practice” on Net Zero.

What a productive first year it has been. Since launching, the program has welcomed more than 31 leading financial participants (including lenders) representing almost $4T in assets under management; launched two governance bodies and one advisory group of industry leaders and experts; offered virtual training to engagement teams; launched a focus list of 40 TSX-listed corporate issuers with whom to engage; and, most importantly, commenced engagements.

Engaging constructively with top emitters is critical for the success of Canada’s transition to a low-carbon economy and the long-term prosperity of Canadian communities as we move toward a net-zero world. For CEC participants, the power of collective engagement is the ability to amplify and accelerate efforts to guide Canadian businesses toward a thriving future, while helping those most exposed to climate risk move onto the necessary path and seize the tremendous opportunities of a transitioning world.

This is why, through our strategic partnership with TSX, we have communicated directly with executives of forty select listed companies to introduce the program and open a focused dialogue. As of September 2022, 25 engagement teams have engaged select companies in priority sectors, and the remaining teams are preparing to begin their engagements shortly.

This engagement works and the global experience with investor engagement has had significant impacts on greenhouse gas reductions in high-emitting sectors. Whereas approximately 111 of the 167+ focus companies in CA100+ have set net zero targets following investor engagement, only six (6) of those companies are Canadian. This makes CEC the “Canadian blueprint” of investor action on climate change. The program was designed in the Canadian context, both in its recognition of the importance of resources, oil and gas to our economy and capital markets, and in its intention to align investors and lenders under a common framework.

Over the next stages of the program, CEC will continue:

  • Delivering a cohesive message from the financial community
  • Demonstrating a collaborative, unified approach to engagement
  • Driving enhanced industry alignment on approaches and principles; and,
  • Leveraging a dedicated Secretariat to ensure focused efforts by investors.
I am deeply proud of the strides made to date and energized by the progress to come. These strides come thanks to the dedication and support of existing participants, program supporters and partners, the Joint Secretariat, and members of the Steering and Technical committees (current and former). Thank you for your continued commitment, dedication, and support to these efforts. Please stay tuned for more exciting news and information on the CEC.


Barbara Zvan,
President & CEO, UPP &
CEC Steering Committee Chair.