ESG Enforcement Tracker

Key facts:

On 19 August 2025, Investors for Paris Compliance (I4PC) filed a complaint with Alberta’s securities regulator against Cenovus Energy Inc. and Enbridge Inc., two Canadian multinational energy companies, for allegedly misleading investors by exaggerating or misrepresenting their net-zero commitments.

I4PC submitted in its complaint that the companies’ pledges to achieve net-zero greenhouse gas emotions by 2050 was not credible as the companies omitted from their targets the emissions caused by customers burning fuels, and they provided little detail regarding how they would achieve their commitment.

The securities law prohibits companies from making misleading or untrue statements or leaving out material facts. I4PC noted that securities regulators in Canada had been clear that material environmental-related disclosures by market participants were to be subject to the same standards of accurate and complete disclosure as financial disclosure.

The complaint is believed to be the first attempt in Canada to use securities law to penalise energy companies for greenwashing. Last year, I4PC brought securities complaint against Canadian banks regarding sustainable finance commitments.