Canada: CSA (Canadian Securities Administrators)

Draft climate disclosure rules for public companies, aligned with TCFD and ISSB.
Status: Final rules expected 2025-2026, phased for large issuers.
Companies Covered
3,500+
Canadian reporting issuers (2025 est.)
Frameworks
TCFD, ISSB
Draft rules harmonized with IFRS S1/S2[1]
Materiality
Financial
Disclosure if material to investors[1]
Scope 1, 2, 3 Emissions
1: Req, 2: Opt, 3: Vol
Scope 1 mandatory, Scope 2 optional, Scope 3 voluntary[1]
CSA Climate Disclosure Requirements (Draft)
DimensionDescriptionRequired?
GovernanceBoard oversight and management’s role in climate riskYes
StrategyMaterial impacts of climate risks/opportunities on business/financialsYes
Risk ManagementProcesses for identifying, assessing, managing climate risksYes
Metrics & TargetsGHG emissions (Scope 1 mandatory, 2 optional, 3 voluntary), climate targets if setPartial
Canada Climate Disclosure Timeline
YearMilestoneStatus (2025)
2021CSA proposes National Instrument 51-107 (TCFD-aligned)Draft
2023CSA announces ISSB-aligned revisions (IFRS S1/S2)Consultation
2025Final rules expected, phased for large issuersPending
2026Phased implementation for all reporting issuersPlanned
Canada: Reporting Issuers by Sector (2025, est.)
Estimated number of Canadian reporting issuers by sector (2025).
CSA Integration and Influence
  • International alignment: TCFD, ISSB S1/S2, US SEC, EU CSRD[1]
  • Materiality: Financial materiality, not double materiality[1]
  • Phased implementation: Large issuers first, then all reporting issuers
  • Greenwashing risk: New guidance for ESG fund disclosures and marketing[1]
  • Cross-listing: Harmonization to avoid duplicative/conflicting requirements[1]

About Canada’s CSA Sustainability Disclosure Regime

The CSA coordinates climate and sustainability disclosure across Canada’s provinces and territories, with draft rules requiring TCFD- and ISSB-aligned reporting for all public companies[1]. The regime emphasizes financial materiality, phased adoption, and international alignment, with Scope 1 emissions mandatory, Scope 2 optional, and Scope 3 voluntary. Final rules are expected in 2025, with phased implementation through 2026, ensuring Canadian issuers remain globally competitive and transparent.

Note: All data reflects official CSA and industry updates as of May 2025.

Canada - CSA (Canadian Securities Administrators)