Order Fixing the Day on Which Section 23 of the Canadian Net-Zero Emissions Accountability Act Comes into Force: SI/2023-8

Canada Gazette, Part II, Volume 157, Number 8

Registration
SI/2023-8 April 12, 2023

CANADIAN NET-ZERO EMISSIONS ACCOUNTABILITY ACT

Order Fixing the Day on Which Section 23 of the Canadian Net-Zero Emissions Accountability Act Comes into Force

P.C. 2023-317 March 31, 2023

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, under section 29 of the Canadian Net-Zero Emissions Accountability Act, chapter 22 of the Statutes of Canada, 2021, fixes the day on which this Order is made as the day on which section 23 of that Act comes into force.

EXPLANATORY NOTE

(This note is not part of the Order.)

Proposal

To bring into force section 23 of the Canadian Net-Zero Emissions Accountability Act (the Act) — which requires the Minister of Finance to prepare and publish an annual report on the key measures that the federal public administration has taken to manage its financial risks and opportunities related to climate change.

Objective

Demonstrate that the Government’s commitment to comply with the requirements of the Act, to promote greater transparency and accountability in managing the financial risks and opportunities of the federal public administration related to climate change.

Background

The Act requires the Government to set national targets to reduce greenhouse gas emissions in Canada with the goal of achieving net-zero emissions by 2050. It also requires the Government to report on its efforts to achieve these targets.

Section 23 of the Act requires the Minister of Finance, in cooperation with the Minister of the Environment and Climate Change, to prepare and publish an annual report respecting key measures that the federal public administration has taken to manage its financial risks and opportunities related to climate change.

All sections of the Act, except section 23, came into force on June 29, 2021. Section 23 will enter into force by order in council.

Implications

This annual report will provide Canadians with greater insight into actions the federal public administration is taking to manage its financial risks and opportunities arising from climate change. The Government intends to publish the first report, covering 2023–2024, by the end of 2024 and will publish annually thereafter. There are no financial implications. The Department of Finance Canada will implement this initiative using existing resources.

Consultation

The Department of Finance Canada has consulted with Environment and Climate Change Canada and the Treasury Board Secretariat in preparing the draft order to bring section 23 into force.

Contact

Paul Kearns
Senior Director
Environment and Climate Change
Economic Development Branch
Department of Finance Canada
Telephone: 613‑218‑9691
Email: Paul.Kearns@fin.gc.ca