The Globe and Mail reports in its Saturday, June 22, edition that Bill C-59, which received royal assent from the Governor-General on Thursday, is an omnibus bill that had some dramatic, last-minute changes inserted only three weeks ago. The Globe's guest columnist Kevin Krausert writes that notably, this bill includes fines of up to $10-million or up to 3 per cent of a company's annual worldwide gross revenue for anyone making a statement on mitigating the effects of climate change not justified by an undefined "internationally recognized methodology." Mr. Krausert says this could amount to billions worth of lost investment. By inserting a new, undefined and legally ambiguous regulation on reporting the successes that corporations are making toward climate change, Bill C-59 has thrown a wet blanket onto corporations' ability to publicize the good work they are doing. In turn, this affects companies' ability to contribute or invest in the future we all seek.
Mr. Krausert, head of Avatar Solutions, says that, as an investor in Canada's decarbonization technology ecosystem, he believes the role of industrial commercial adopters in reaching our net-zero commitments is of profound importance.
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