An op-ed, short for “opposite the editorial page”, is a written prose piece, which expresses the opinion of an author usually not affiliated with the publication’s editorial board.
Deidra Garyk acting as a moderator at the Lloydminster Heavy Oil Show. Photo by Brian Zinchuk
Environmental concerns, greenwashing, and corporate responsibility have impacted how Canadian energy companies conduct operations. Canada’s implementation of its new Sustainability Disclosure Standards means that businesses that were under the private scrutiny of regulators are now exposed to additional public examination. These standards require an additional layer of transparency, requiring organizations to measure and disclose their sustainability impacts, while aligning with international best practices and frameworks. This three-part article will explore the reporting requirements, why waiting to report is a risky bet, and the implications beyond compliance-related reporting.
Part 2 – ESG is not going away – why waiting to report is a risky bet
ESG disclosure is not going away in Canada, even if there’s a change in federal government in the next few months. Companies are being pushed in certain disclosure directions that they may not be ready for. As a result, they may be placing themselves at unnecessary risk waiting for a change in federal government before beginning to prepare sustainability-related disclosures.
It is likely that the Canadian Standards will be implemented for the following reasons:
- There is little political capital to be gained by the next government in repealing the standards. A Pierre Poilievre-led Conservative Party of Canada government will have other higher-priority issues to deal with resulting from campaign promises and economic emergencies. Sustainability reporting implemented by the regulators is unlikely to be a priority to address, if it is on their radar at all.
- Sustainability standards are international in nature. Business is global. Countries have legal requirements for products to access their markets, such as the Carbon Border Adjustment Mechanism (CBAM) for Canadian exports into European Union and the UK. Think of it as protecting your company’s market access.
- The Canadian Senate and bureaucracy have an entrenched sustainability and climate mindset. This is a hurdle that must be overcome to see a change in reporting requirements or regulations.
- Governments do not want to be seen to be interfering with regulators. An arm’s length relationship is necessary to ensure the government is not seen to be influencing or coercing, ruining the credibility and independence of the nation’s regulators.
- Businesses are already preparing for these standards; therefore, making material changes to the reporting requirements creates uncertainty, something businesses do no like.
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Is Your Company Prepared for These Changes?
The regulatory shift towards comprehensive sustainability disclosure is not a passing trend—it’s here to stay. Companies that fail to comply with new reporting standards could face severe consequences beyond regulatory penalties, including:
- Loss of Customers – Increasingly, consumers are prioritizing sustainability in their purchasing decisions. Supply chains will be impacted by the reporting requirements.
- Disruption to Supply Chains – changing regulations may limit access to certain products necessary to conduct operations.
- Difficulty Accessing Insurance and Financing – Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), created guidelines for Federally Regulated Financial Institutions to embed climate risk management and assessment into their operations and decision-making processes.
- Shareholder Activism Influencing Business Decisions – climate-focused shareholder groups are causing disruption for oil and gas companies globally.
- Frivolous Climate-related Lawsuits as activists attempt to “tobacconize” the hydrocarbon sector.
If your business isn’t prepared to meet the new sustainability reporting standards, now is the time to act. Be sure to include the costs of disclosure in your company’s 2025 budget as the cost of non-compliance by delaying may be greater than the upfront investment required to ensure your business is ready. If you want to talk about your readiness, please contact me at dgaryk@equipoisability.com.
Deidra Garyk is the Founder and President of Equipois:ability Advisory, a consulting firm specializing in sustainability solutions. Over 20 years in the Canadian energy sector, Deidra held key roles, where she focused on a broad range of initiatives, from sustainability reporting to fostering collaboration among industry stakeholders through her work in joint venture contracts.
Outside of her professional commitments, Deidra is an energy advocate and a recognized thought leader. She is passionate about promoting balanced, fact-based discussions on energy policy, and sustainability. Through her research, writing, and public speaking, Deidra seeks to advance a more informed and pragmatic dialogue on the future of energy.
NEXT: Part 3: Beyond sustainability reporting: the societal impacts
- 0088 WBPC_2025_30SEC_PROMO0088 WBPC_2025_30SEC_PROMO
- 0087 Lori Carr Coal Expansion0087 Lori Carr Coal Expansion
- 0086 Sask Gov Oil and Gas Incentive Programs0086 Sask Gov Oil and Gas Incentive Programs
- 0085 Turnbull snow removal call office0085 Turnbull snow removal call office
- 0084 EMP Metals Pipeline Online0084 EMP Metals Pipeline Online
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001
https://pipelineonline.ca/op-ed-deidra-garyk-sustainability-reporting-part-1-canadian-sustainability-reporting-requirements/