Canadian Regulators Zero In On Greenwashing Claims – Environmental Law – Worldwide:

With mandatory ESG reporting coming soon

to
federally regulated financial institutions and public companies,
regulators are already investigating claims of greenwashing at
Canada’s largest bank.

Earlier this week, Canada’s Competition Bureau confirmed it
was investigating a complaint that consumers were
being misled about the bank’s climate performance. The
complaint alleges the bank made “materially false” claims
about its commitments to the Paris Agreement Goals and achieving
net zero.

As pressure increases from regulators, Canadian companies should
expect a significant increase in the scrutiny and potential
liability that will attach to all forms of ESG disclosure,
including sustainability reports and net-zero commitments.

Billions in Funding for the Oil and Gas Sector

According to the complaint, the bank is alleged to have
undermined its stated commitment to the Paris Agreement targets by
providing more than US$201 billion in financing and underwriting to
fossil fuel companies from 2016 through 2021. | more |