Grappling with sustainability efforts, mining natural resources to “fuel” the “green economy,” and battling red tape to compete globally are converging.
In March, the Canadian Sustainability Standards Board (CSSB) proposed the Canadian Sustainability Disclosure Standards (CSDS). The CSSB was formed to advance the adoption of sustainability disclosure standards in Canada.
The CSSB develops the CSDS that align with the global baseline standards developed by the International Sustainability Standards Board (ISSB).
From McCarthy Tetrault, “As the CSSB…unveiled its proposed disclosure standards on March 9, 2024, the CSSB standards, alongside the recently established US Rules (US Security and Exchange Commission), are set to play an influential role as the Canadian Securities Administrators…prepare a revised version of a proposed framework on climate-related disclosures.”
This short video provides an overview of the CSSB.
Comments are due by June 10, 2024, on the following:
At the heart of the sustainability push is the move away from fossil fuels for internal combustion engines to electric or hybrid automobiles. Fueling these vehicles are some of the many natural resources in Canada.
Canadian Provinces “Attractiveness Index” for Mining
In the Fraser Institute’s 2023 Annual Survey of best mining jurisdictions, several provinces in Canada ranked well. According to the nearly 100-page report by Fraser, “We construct an overall Investment Attractiveness Index by combining the Best Practices Mineral Potential Index, which rates regions based on their geologic attractiveness, and the Policy Perception Index, a composite index that measures the effects of government policy on attitudes toward exploration investment.”
According to the report, “The top jurisdiction in the world for investment based on the Investment Attractiveness Index is Utah, which moved up from 17th place in 2022. Nevada, which topped the ranking last year, ranked 2nd. Saskatchewan continues to be on the podium, ranking 3rd again this year. Rounding out the top 10 are Western Australia, Quebec, Manitoba, Arizona, Northern Territory, Newfoundland & Labrador, and Ontario. Canada has the most jurisdictions (5) in this year’s top 10. The remaining five are in the United States (3) and Australia (2)” (emphasis added).
The index was weighted 40 percent by policy and 60 percent by mineral potential.
Mining “Business Climate” Challenges in Ontario
Specific to Ontario, according to the respondents to the survey, some of the drawbacks or areas where improvement is needed include too many “grey” areas in the permitting process, which they state deter investment. Respondents also point to disputes over licensing for projects that delay the development. They also state that obtaining regulatory permits for the closure of a mine site has been “unnecessarily difficult.”
With an abundance of natural resources, Canada is poised to be a major contributor to the current “sustainability market” (Photo by Ampersand Studios on Unsplash).
The Fraser Report states that Canada continues to perform poorly compared with other regions included in the survey on transparency in the permitting process.
Separately, the Canadian Federation of Independent Business states in Canada’s Red Tape Report – Sixth Edition, “The cost of regulation from all three levels of government to Canadian businesses totalled $38.8 billion in 2020…these costs are considered too high by small business owners who cite excessive regulation as one of their top concerns.”
Assuming the continued momentum to move toward green energy will not abate – Canada can play a key role with our abundance of natural resources. Like every other commodity, we are competing with other jurisdictions including China, Australia, Russia, Chile, Brazil, and the United States. We need to create an attractive business climate while also protecting human health and the environment. It is not an either-or proposition – it is both.
If you have questions about environmental protection as it relates to mining, contact Dr. Joel Gagnon.
If you need assistance with an environmental issue contact Christopher Pare’, P.Geo. Q.P. at 519-948-7300, Ext. 114.
Dragun Corporation does not use artificial intelligence in drafting our blogs or any other material.
Alan Hahn drafted this blog. Alan has an undergraduate degree in Environmental Studies and completed a graduate program in Environmental Management. He has worked in environmental management for more than 45 years. He has written hundreds of blogs and articles. His published work includes HazMat Magazine, BizX Magazine, Michigan Lawyers Weekly, GreenStone Partners, Manure Manager Magazine, and Progressive Dairy.
Christopher Paré, P.Geo, reviewed this blog. Chris is a senior geoscientist and manager of Dragun’s Windsor, Ontario, office. Chris has more than 30 years of experience on projects ranging from environmental site assessments (Phase One/Two ESA), excess soils, remedial investigations, soil and groundwater remediation, Permits to Take Water, Records of Site Conditions, vapour intrusion, and site decommissioning. Chris is a frequent speaker, author, and expert witness. See Chris’ bio.
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