Regulations related to climate risks could prove a costly burden for Canadian corporations, institutions
The planned reset of global corporate capitalism to save the planet continues to stumble toward the great unknown, in the sense that even after decades of effort the machinery to expand regulatory control over investment and business decisions remains bogged down in murky conceptual clay. Developments in regulatory and legal circles suggest 2024 will be a pivotal year for the revolutionary ideas that are supposed to lead to a fundamental transition from bad economic policy to green.
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The underlying concepts are well known by name. We have corporate social responsibility (CSR), environmental and social governance (ESG), the precautionary principle, and sustainable development. What all these buzz-phrases mean is another question. Looking through the latest developments around the initiatives, however, a certain sense of apprehension, doubt and even a bit of squeamish uncertainty seem to have taken hold.
In recent days major global investment firms such as U.S.-based JP Morgan and State Street have pulled away from Climate Action 100 , a global industry-led coalition with grandiose objectives to fight the “systemic risks” of climate change. The claim is that investors must ensure the businesses they own have strategies that “accelerate the transition to net-zero emissions by 2050, or sooner, and align with the goal of the Paris Agreement” set by the United Nations in 2015.
Despite decades of talk following the radical Limits to Growth movement of the 1970s, the 1987 Brundtland report and the 1992 Rio Earth Summit’s endorsement of “sustainable development,” the remake of corporations into vehicles for economic and climate control remains far from complete.
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