Skip to main content

Canada ESG Reporting Requirements in 2024

By February 26, 2024Commercial Insurance
Aerial view of a wind farm with multiple wind turbines standing tall amidst green fields and forests under a clear blue sky, representing renewable energy initiatives in ESG (Environmental, Social, and Governance) Reporting Canada 2024.

Home » Blog » Canada ESG Reporting Requirements in 2024

Canada’s commitment to environmental, social, and governance (ESG) standards is reshaping the commercial landscape and aligning with global financial hubs to enhance transparency and sustainability. Understanding these evolving requirements for our commercial insurance clients is crucial for compliance and strategic planning. Here’s a concise guide to the pivotal ESG reporting regulations impacting Canadian businesses in 2024:

  1. Corporate Diversity Reporting: Canadian corporations are mandated to disclose the diversity of their board of directors and senior management annually. This includes representation from women, Indigenous peoples, persons with disabilities, and visible minorities, reflecting Canada’s Employment Equity Act.
  2. S-211 Supply Chain Integrity: Effective January 1, 2024, this legislation targets forced and child labour in supply chains, requiring companies to annually report their prevention and mitigation strategies to Public Safety Canada.
  3. CSA Corporate ESG and Climate Disclosure: Starting in 2024, the Canadian Securities Administrators (CSA) will require large banks, insurance companies, and federally regulated financial institutions to report specific ESG and climate-related information, aiming to prevent “greenwashing” and enhance factual reporting.
  4. Supplier ESG Disclosure: Suppliers engaged in federal contracts over $25 million must now report their greenhouse gas (GHG) emissions and set reduction targets, enhancing accountability and environmental stewardship.
  5. Canada’s Climate Investment Taxonomy: To facilitate net-zero transition by 2050, a new financial taxonomy will guide investments into “Green” and “Transition” projects, focusing on sustainable and low-carbon solutions.

Implications for Commercial Insurance Clients

  • Compliance: Adhering to these standards aligns with regulatory requirements and positions your business as a responsible and sustainable entity in the eyes of investors, customers, and partners.
  • Risk Management: Understanding and integrating ESG principles into your operations can significantly mitigate risks, including regulatory penalties, reputational damage, and operational disruptions.
  • Strategic Planning: Leveraging ESG compliance can uncover new opportunities for growth, innovation, and competitive advantage in a rapidly evolving market.

Commercial Insurance Support

Our team is here to assist our commercial insurance clients in navigating these ESG reporting requirements, offering tailored advice and solutions to ensure compliance and capitalize on the opportunities presented by Canada’s ESG framework.

About Wedgwood Insurance

Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice. 

With over 260 Google My Business reviews, experience the Wedgwood difference with expert advice from our dedicated team. We ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.

Contact Us

  • This field is for validation purposes and should be left unchanged.

Author Jamie Ross

Jamie Ross leads the Marketing and Communications team at Wedgwood Insurance, renowned as one of Atlantic Canada’s premier independent insurance brokers. Bringing a wealth of experience amassed over many years at some of Canada's most esteemed advertising agencies, Jamie transitioned to the insurance industry in 2017. This pivotal move has marked a period of significant professional growth and contribution to the field. A native Nova Scotian, Jamie has been a resident of St. John's, NL, since 2011, where he has become an integral part of the local community. Learn more about Jamie.

More posts by Jamie Ross
Skip to content