Greenwashing – Complaints submitted against Cenovus and Enbridge – Moneysense

Investors for compliance with Paris, which in the pursuit of listed companies responsible for their climate obligations, claims that the companies have violated the Alberta Securities Act “with long-term and widespread inaccurate and incomplete disclosure” with regard to net-dull obligations.

“By extensive use in their communication in their communication, Cenovus and Enbridge have led to reasonable investors and the public believing that their operating models are tailored to the net-zero energy transition, which in fact threaten both their existing business and fossil fuel extension plans,” said the group in the group in the group in the group in the group in the group in the group in the group in the group in the group. ”

It said that it chose to submit his complaint to the ASC instead of the federal competition tribunal under new anti-green rules because “investors have a strong interest in the credible and timely enforcement of securities legislation.”

It adds that nothing in the changes in the Competition Act, which became law last year, replace the obligations of securities controllers to also fight Greenwashing. It mentions guidelines of Canadian Securities Administrators, a national umbrella group, which says that the disclosure of the environment must be subject to the same standards as financial reporting.

Private parties can submit complaints directly to securities controllers

According to the changes to the Competition ACT, private parties, including environmental groups, can now immediately file a complaint.

But Michael Sambasivam, senior analyst with investors for compliance with Paris, said that this should not be necessary. “We do not believe that the burden for enforcement for this type of complaint should be for private individuals and private groups.”

He said that his group was entrails of the two companies to catch two separate segments of the energy company – Cenovus produces the raw product, while Enbridge transports it. Sambasivam said that they also offered “some of the most consistent flagrant violations of Canadian security principles” of the disclosures that it looked at.

After the anti-green provisions of the Competition Office were in force, Cenovus belonged to the Oilzand companies to get his net-zero statements from its website. Uncertainty about whether the company has given up that obligations is a “form of incomplete disclosure that the Alberta Securities Act has not allowed,” according to the complaint.

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The complaint also makes a bill of public lobbying that states that it contradicts climate obligations. TOPE managers from both companies belonged to the signatories of an open letter from leaders of the oil and gas industry to the newly chosen Prime Minister Mark Carney this spring that, among other things, encouraged Ottawa to cancel his cap on greenhouse gas emissions and industrial carbon tax.

Enbridge remains committed to achieving net zero missions of his activities by 2050, while at the same time energy that people trust, spokesperson Jesse Semko said in an e -mail statement. The company has reduced the emission of its activities by 22% compared to the basic line of 2018 through improved efficiency, buying less carbon -intensive electricity and investing in renewable energy sources, he added. “We also remain committed to accuracy and transparency – and we support the information that we share in our reports and communication.”

Investors for the compliance with Paris claim that emissions of the end use of the produced and sent fossil fuels must be taken into account in the net -not only, not only emissions of operations.
Cenovus did not respond to a request for comment.

The group asks the ASC to investigate existing and earlier climate diseases of Cenovus and Enbridge to assess their accuracy and adequacy. The investigation must take into account evidence of colleagues and competitors, said it. It also wants the ASC to work with other provincial securities rulers for guidelines for net zero claims for Canadian listed companies.

A spokeswoman for the committee says that it and its counterparts have given companies guidance and resources to help them prepare disclosure of material climate -related risks, and avoiding language that can be considered greenwashing. She said it does not comment on reviews that it carries out of complaints.

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