In a major setback for climate accountability, Canadian financial regulators have paused efforts to introduce mandatory rules requiring companies to publicly disclose the risks they face from climate change. This move, announced in April 2025, came after intense lobbying from the country’s powerful oil and gas sector, following a similar trend seen recently in the United States. Originally, the proposed rules aimed to force corporations—especially major polluters—to be transparent about how climate change could impact their operations and financial health. Environmental organizations are warning that without these disclosures, investors and the public will be left in the dark about the true environmental risks of corporate activities, weakening Canada’s ability to meet its climate goals under international agreements.
The fossil fuel industry’s influence has been striking. In 2023 alone, oil and gas companies held more than 1,255 lobbying meetings with Canadian federal officials, aggressively pushing back against stricter environmental regulations. Critics argue that this lobbying has directly contributed to delaying and diluting important climate policies. By halting the climate transparency initiative, Canada risks falling behind in global efforts to hold corporations accountable for their role in climate change. Many environmental groups view this as a dangerous step backward, signaling those economic interests—especially those of the fossil fuel sector—are still prioritized over urgent environmental action and transparent governance. More