Oil companies accused of 'greenwashing' under securities law in what may be a first for Canada

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🗞️ Driving the news: Cenovus Energy and Enbridge have been formally accused of "greenwashing" in a securities complaint filed with Alberta’s market watchdog
• The complaint, submitted by climate shareholder group Investors for Paris Compliance (I4PC), alleges that both companies misled investors by overstating the credibility of their net-zero commitments — marking what could be the first such case in Canada under securities law

🔭 The context: The complaint targets net-zero pledges that exclude scope 3 emissions — those generated when customers burn the companies’ oil and gas products
• I4PC argues that without credible pathways and full emissions accounting, such climate claims may violate Canadian securities laws, which prohibit misleading disclosures
• Canadian regulators have recently strengthened guidance around ESG-related statements, indicating they must meet the same standards as financial disclosures

🌍 Why it matters for the planet: This case could set a precedent in holding corporations legally accountable for the integrity of their climate claims
• If successful, it would signal a significant tightening of standards around corporate sustainability reporting in high-emitting sectors
• The scrutiny on scope 3 emissions also highlights growing regulatory and investor pressure for full-lifecycle accountability in fossil fuel operations

⏭️ What's next: Alberta's Securities Commission will review the complaint and determine whether to initiate a formal investigation
• If pursued, the case could result in enforcement action and heightened regulatory expectations for transparent net-zero planning
• The outcome may also influence how other Canadian energy firms structure and communicate climate goals

💬 One quote: “We’re not asking these companies to cease operations, but... we are asking them to be more honest in their advertising (and disclosures),” – Michael Sambasivam, Senior Policy Analyst, Investors for Paris Compliance.

📈 One stat: Scope 3 emissions — largely from combustion — account for roughly 80–90% of total lifecycle emissions in oil and gas companies

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