Today, Climate Engagement Canada (CEC) has released its inaugural CEC Net Zero Benchmark, a set of common standards for investors to evaluate corporate issuers’ progress towards aligning with the Paris Agreement’s ambition.
“We are delighted to help advance Canadian corporate climate action and a just transition toward a net-zero economy. The inaugural CEC Benchmark assessment is an important first step to foster constructive dialogue between leading corporations and investors. We look forward to seeing the Canadian market set the bar for climate engagement excellence and make meaningful progress,” says Emily Partington, Managing Director at Quinn+Partners.
The Benchmark, which extends to 41 heavy-emitting Canadian companies listed on the Toronto Stock Exchange, can guide CEC Participant Investors to frame their engagements and drive meaningful progress on climate change through constructive dialogue.
“These results reveal that when it comes to achieving our country’s climate commitments, all of us have a lot more work to do. We are in the turn-around decade on climate. We can’t afford to waste any time. Let’s use this benchmark as a mutual work plan between investors and companies and show how much we can get done together when the next year’s results come in,” says Kevin Thomas, CEO at SHARE, CEC Joint Secretariat Co-Lead, and CEC Steering Committee Member.
“These results acknowledge areas of positive progress among corporate issuers while identifying where additional strategic guidance and support are needed,” says Pat Fletcher, CEO at RIA, CEC Joint Secretariat Co-Lead, and CEC Steering Committee Member.
The CEC Net Zero Benchmark is closely aligned with the Benchmark developed by Climate Action 100+, the current global standard for collaborative shareholder engagement. When used along with the recently developed Taxonomy Roadmap Report by the Sustainable Finance Action Council, the Benchmark can provide Canadian investors with a standardized approach to measure companies’ performance against climate objectives and will help define objectives for future climate engagements.
A growing number of asset owners and managers are using emerging benchmarks, standards and frameworks to advance climate practices across their portfolios. At Quinn+Partners, we believe that strong climate action will position companies to thrive in the net-zero economy, and managing risks and opportunities effectively along the way.
As a CEC Research and Education Contributor and a leading ESG consultancy in North America, our team of experts is well-positioned to help you take the next step on your ESG journey. Get in touch