Climate disclosure at a crossroads: 2025 climate disclosure report

Strategies are changing for public companies in Canada as macroeconomic headwinds and shifting policies and regulations inform climate-related disclosures.

Our annual report examines the climate disclosure practices of over 200 of Canada’s largest public companies. This year, our report provides year-over-year analysis on how Canadian issuers have responded to the evolving political environment around sustainability reporting, regulation and best practices in both Canada and the United States.

We surveyed constituents of the S&P/TSX Composite Index to provide insights into the disclosure practices of some of Canada’s largest companies. The results revealed several key takeaways:

• 91% of companies published a sustainability, ESG, climate action/transition or similar report, a downtick from 95% of companies in last year’s study, and materially fewer companies used the term “ESG” to describe their report.
• 39% of companies have publicly set a target to achieve net-zero greenhouse gas (GHG) emissions, a notable decrease from 45% last year.
• 38% of companies mention that disclosure or climate-related political and regulatory changes have influenced their strategy, targets and related disclosure.
• 24% of companies referenced Bill C-59 or recent amendments to the Competition Act in their disclosure.
• Notwithstanding these changes, GHG emissions disclosure remained consistent year-over-year, with 86% of companies disclosing Scope 1 and 2 GHG emissions.

Learn more about our Sustainability practice.