Competition Act amendments silence Canadian businesses taking climate action
June 20 2024 - 7:10PM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE), as a member of Pathways
Alliance, today issued the following statement with respect to the
Canadian government’s Bill C-59.
As one of the largest oil sands companies in
Canada, and a member of the Pathways Alliance, we are steadfast in
our commitment to environmental performance and operational
emissions reduction. To support our commitment, we have strived to
be transparent about our actions and plans, which we believe is
critical to building trust and driving improvement.
However, our ability to remain transparent has been
significantly compromised as a result of Bill C-59, which was
recently passed and includes amendments to the Competition Act
related to environmental and climate disclosure. With these
changes, it is possible that certain public representations by a
business about the benefits of the work it is doing to protect or
restore the environment or address climate change will violate the
Competition Act and subject it to significant financial penalties
unless the business can adequately and properly substantiate their
claims according to “internationally recognized methodology,” which
may or may not exist.
Creating a public disclosure standard that is so vague as to
lack meaning and that relies on undefined “internationally
recognized methodology” opens the door for frivolous litigation,
particularly by private entities who will now be empowered to
directly enforce this new provision of the Competition Act. This
represents a serious threat to freedom of communication.
These amendments create significant uncertainty and risk for all
Canadian companies regardless of sector, that communicate publicly
about environmental performance, including actions to address
climate change. As a result, we have been forced to remove
information on environmental and climate performance, progress, and
plans from our website, social media platforms and other
communications channels at this time. These actions are a direct
consequence of this legislation and are not related to our
commitments or belief in the accuracy of our environmental
communications.
The result of this legislation, which has been quickly put in
place with little or no consultation, is to silence Canadian
businesses taking climate action. We will continue to impress on
the federal government the need for clarity regarding these new
amendments so that we and all other industries can share the
important work we are doing to preserve and restore the environment
and address climate change.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and
natural gas production operations in Canada and the Asia Pacific
region, and upgrading, refining and marketing operations in Canada
and the United States. The company is focused on managing its
assets in a safe, innovative and cost-efficient manner, integrating
environmental, social and governance considerations into its
business plans.
Cenovus common shares and warrants are listed on the Toronto and
New York stock exchanges, and the company’s preferred shares are
listed on the Toronto Stock Exchange. For more information, visit
cenovus.com.
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Instagram.
Cenovus contacts
Investors |
Media |
Investor Relations general line403-766-7711 |
Media Relations general
line403-766-7751 |
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