September 16, 2020 – The latest research from SHARE finds Canadian oil and gas companies are continuing to lobby for weaker climate regulations in the interest of short-term profits, while providing inadequate disclosure to investors.
The report Climate Lobbying in the Canadian Energy Sector: Investor Benchmark of Oversight and Disclosure analyzed 22 companies listed in the S&P/TSX Capped Energy Index (TTEN) on their climate lobbying disclosure and found that all have participated in lobbying activities, while none have disclosed their overall spending.
Even after the Canadian government adopted the Paris Agreement in 2015, parts of the Canadian oil & gas industry have actively lobbied policymakers to block, delay and weaken federal and provincial attempts to transition towards a low-carbon economy.
“A failure to reach the Paris Agreement’s climate goals will result in massive costs that will ultimately be borne by investors and society as a whole,” said Sarah Couturier-Tanoh, Senior Shareholder Engagement and Policy Analyst at SHARE. “The millions of dollars spent on lobbying have delayed or undermined climate regulation, even though many oil and gas firms have publicly stated their commitment to tackling climate issues.”
The report identifies opportunities for investors to improve their due diligence of corporate lobbying and to engage with investee companies. It also provides companies with a reporting framework and points to better industry practice in Canada to help them improve their climate lobbying disclosure over time.
Read the full report here: https://share.ca/wp-content/uploads/2020/09/SHARE_climate_lobbying_4.pdf
About SHARE (Shareholder Association for Research & Education)
SHARE mobilizes investor leadership for a sustainable, inclusive and productive economy. We do this by mobilizing our investor network and amplifying their voices in support of improved corporate sustainability practices and better rules and regulations that govern capital markets.
For more information on SHARE, visit: www.share.ca
MEDIA CONTACT:
Damon van der Linde, Communications Officer | SHARE
dvanderlinde@share.ca | +1-604-772-2188
