In its sessional Mandate Letters released on December 16, 2021, the Office of the Prime Minister of Canada announced a plan for a mandatory climate-related financial disclosures to address climate change.

The Mandate Letters, which is addressed to the Deputy Prime Minister, Minister of Finance and the Minister of Environment and Climate Change outline several objectives, including:

• Mandatory climate-related financial disclosures based on the Task Force on Climate-related Financial Disclosures (“TCFD”) framework.

• Requiring certain federally regulated institutions, including financial institutions, pension funds and government agencies, to issue climate-related financial disclosures and net-zero plans.