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 touring the outdoor exhibits 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 1 – Canadian sustainability reporting requirements
As the regulatory landscape surrounding corporate sustainability continues to evolve, the Canadian government and regulators are advancing reporting requirements. Sustainability reporting involves communicating the impact of a company’s operations on the environment, society, and economy, as well as how the organization manages risks and opportunities related to sustainability and climate.
In mid-December, Canada moved one step closer to implementing mandatory sustainability reporting requirements with the finalization of the Canadian Sustainability Disclosure Standards that come into effect for voluntary use on January 1, 2025. New mandatory rules and regulations, anticipated to be implemented in 2025 by the Canadian Securities Administrator, will expand the reporting requirements of companies and their supply chains.
The 2023 Fall Economic Statement included a provision to mandate reporting by all publicly traded and large privately held, Canadian incorporated companies (not provincially incorporated), expanding the number of companies subject to disclosure requirements.
However, these new reporting obligations are not just a regulatory hurdle—they present a significant opportunity for companies to evaluate their non-financial risks and improve operational efficiency, innovation, and long-term resilience.
The adoption of these standards will have wide-reaching implications for businesses in every sector. In addition to ensuring compliance with mandatory sustainability reporting, companies will need to assess how their operations align with best practices in environmental stewardship, social responsibility, and governance (ESG). This process of disclosure will require organizations to review their impact on the environment, workforce, and communities—and use this data to guide strategic decisions.
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The Opportunity Beyond Compliance
While meeting reporting requirements is essential, the true value of sustainability reporting lies in the opportunity it presents to drive innovation, efficiency, and cost reductions. It is not just about checking boxes; it is about leveraging the data to foster creative, forward-thinking strategies that mitigate risks, identify new opportunities, and strengthen business performance. When effectively implemented, sustainability initiatives can lead to:
- Improved Governance – Transparent reporting builds trust with stakeholders, including investors, customers, and regulators.
- Better Safety Standards – Proactive risk management can reduce accidents and improve employee wellbeing.
- Stronger Community and Employee Relations – A commitment to social responsibility enhances reputations and fosters loyalty.
- Environmental Impact Reduction – Companies that invest in sustainability are more likely to reduce waste, optimize resources, and cut operational costs.
It is important that the oil and gas industry understands that the standards include a requirement for companies to have a transition plan. This must include decarbonization-focused targets with credible, clear, implementation plans, along with committed capital to achieve the plan.
Decarbonization means emissions reductions, requiring transition plans to include short-term and long-term ways to limit hydrocarbons usage in operations, or find ways to minimize or offset emissions.
As much as there has been a push-back against ESG and anything that reduces energy security, the reporting regulations are moving forward in Canada and businesses need to find a way to work within the space.
I’d like to talk to your leadership team about the Canadian Sustainability Disclosure Standards and how they will impact your company. Please contact me at dgaryk@equipoisability.com to book a meeting.
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 2 – ESG is not going away – why waiting to report is a risky bet
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- 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
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- 0002 gilliss casing services0002 gilliss casing services
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