As we discussed in our November 4, 2022, blog, Canada is moving forward with mandatory climate-related risk disclosures for federally-regulated banks and insurance companies in 2024. It is anticipated that this will affect 400 institutions and their customers across Canada. On March 7, 2023, The Office of Superintendent of Financial Institution (OSFI) released “Guideline B-15: Climate Risk Management.” This guideline will govern the methods the financial sector in...
Read MoreEnvironmental Enforcement and Fines
In our February 8, 2023 blog, we discussed the apparent trend of more environmental regulations and increasing environmental enforcement at the federal and provincial levels. Whether the data support this anticipated trend is something we will monitor. In the meantime, below, we share some recent enforcement news. Niagara Falls Company Fine Hits Six Figures Between a fine and victim surcharge, a chemical company in Niagara Falls, Ontario, (Cytec Canada) will pay...
Read MoreHealth Canada Releases Proposed PFAS Standards
In several of our past blogs, we discussed the developing attention by regulators to the environmental contaminants known as per- and polyfluoroalkyl substances (PFAS). You may recall the April 2021 announcement by Health Canada: “Notice of intent to address the broad class of PFAS.” In accordance with that April 2021 notice of intent, Health Canada announced on February 10, 2023, the “Draft objective for per- and polyfluoroalkyl substances in Canadian drinking water.”...
Read MoreExpect More Environmental Regulatory Activity and Enforcement
Increased Environmental Regulatory Activity Across Canada Are we seeing a greater environmental regulatory presence across more market segments as well as more environmental regulatory enforcement across the country? It seems the answer to that is yes. Consider some of the environmental regulatory activity we reported last year that is outside of what you might consider a “traditional” focus by regulators. Banks and Banking Clients In November 2022, we shared the news that...
Read MoreLithium Mine Moves Forward while Cement Plant Faces Opposition
As we have covered in previous blogs, Canada is looking to take full advantage of the country’s natural resources that are in demand for the green economy. Below we share news of a new project to bring more high-demand lithium to market and opposition to a cement plant, which is in high demand for wind energy. Critical Materials Projects In December 2022, the federal government announced that $3.8 billion has been earmarked (over eight years) to develop Canada’s critical...
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