Federal Government Incentivizes Supplier Climate Action via New Standard on Disclosure and Target Setting
The CCSP sat for the fourth Peer Exchange of the year on June 22nd. In this session, members received a special update directly from the Federal Government on its new Standard on the Disclosure of GHG Emissions and Setting of Reduction Targets.
On April 1st, 2023, a new Federal Standard came into effect to further incentivize Canadian businesses to take action on reducing their carbon emissions. The Standard on the Disclosure of GHG Emissions and Setting of Reduction Targets applies to Federal procurements over $25 million and requires suppliers to measure and disclose their greenhouse gas (GHG) emissions and adopt a science-based target to reduce their emissions (in line with the Paris Agreement). Based on data from 2018 – 2021, this new Standard is projected to influence around 140 contract per year.
CCSP members heard from senior representatives from the Treasury Board of Canada Secretariat (TBS), Public Services and Procurement Canada (PSPC), and Environment and Climate Change Canada (ECCC) to learn more about how this standard is being implemented in procurement and the new disclosure initiative being managed by the Federal Government.