News Summary

A shareholder advocacy group, Investors for Paris Compliance, has filed a greenwashing complaint with Alberta’s securities watchdog against Cenovus Inc. and Enbridge Inc., two major players in Canada’s energy sector. The complaint alleges that the companies have misled investors through inaccurate and incomplete environmental disclosures related to their net-zero commitments. The advocacy group argues that the use of net-zero terminology by these companies has led investors and the public to believe their business models align with the energy transition, which contradicts their business practices and fossil fuel expansion plans. The group is calling for an investigation into past and current climate disclosures of these companies by the Alberta Securities Commission (ASC) and has urged the ASC to provide clearer guidelines for net-zero claims by publicly listed companies in Canada.