Canada's New Sustainability Reporting Standards: Timeline and Key Details

Regulatory Scope

The Canadian Sustainability Standards Board (CSSB) has released Canadian Sustainability Disclosure Standards (CSDSs) for sustainability and climate-related reporting.

Affected Companies

Large companies operating in Canada will be subject to these new standards

Disclosure Requirements

1. CSDS 1: General sustainability reporting
2. CSDS 2: Climate-related disclosures

Implementation Timeline

• Immediate: Standards are now published and available for review
• 3-year relief: For Scope 3 emissions reporting and disclosures beyond climate
• 2-year extension: To align sustainability and financial reporting
• 3-year delay: For quantitative climate-related scenario analysis

Alignment with Global Standards

The CSDSs largely mirror the IFRS Foundation's International Sustainability Standards Board (ISSB) guidelines, ensuring international consistency while accommodating Canadian-specific needs.

Key Takeaway

This phased implementation approach allows businesses, particularly smaller ones, to adapt gradually to the new reporting requirements, marking a significant step in Canada's journey towards mandatory climate-related disclosures.

Contact Asuene Inc. today to learn more about how we can support your journey toward a sustainable and profitable future.

Article by Euisung Lee, Asuene Global Business team. Asuene Global Business team, the global sustainability intelligence team at Asuene, acts as the guidepost through the evolving landscape of corporate sustainability. The Asuene Global Business team identifies emerging trends and regulations in decarbonization, climate policy, and broader ESG matters. This knowledge is translated into actionable insights through white papers, articles, webinars, and regular updates on our website and social media.