Canada National Instrument 51-107
Canada National Instrument 51-107: cssb-aligned (csds 1 & 2) climate disclosure for canadian issuers, voluntary from fy2025 and mandatory from fy2026, covering scope 1 & 2 emissions and scope 3 if material.
What it is
Canada's National Instrument 51-107 establishes climate-related disclosure requirements for reporting issuers, regulated by the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC).
Disclosures are aligned with the Canadian Sustainability Standards Board standards (CSDS 1 and 2), covering governance, strategy (including scenario analysis against a 1.5C pathway), risk management, and metrics, to give investors consistent and comparable climate information.
Who must comply
The instrument applies to Canadian public issuers and federally regulated financial institutions under OSFI, including foreign issuers reporting in Canada, across all industries. Adoption is voluntary for FY 2025 and becomes mandatory beginning FY 2026.
What you must disclose
Issuers must disclose in line with CSSB standards (CSDS 1 and 2), covering governance, strategy with scenario analysis using a 1.5C pathway, risk management, and metrics. Scope 1 and 2 emissions are mandatory, and Scope 3 emissions must be disclosed if material, with third-party assurance provisions applying.
Timeline
The CSA proposed drafting NI 51-107 in October 2021, and the Canadian Sustainability Standards Board (CSSB) finalized its standards in March 2024. Voluntary adoption begins for FY 2025, with reports filed in 2026.
Disclosure becomes mandatory beginning FY 2026, with the first mandatory disclosures due in 2027.