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Getting greenhouse-gas emissions to ‘net zero’ is an increasingly common corporate goal, but there’s no agreed standard for what it means. Here’s how Corporate Canada’s promises compare

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A flare stack lights the sky from a refinery in Edmonton on Dec. 28, 2018. A report by TD Bank suggests up to three-quarters of those working in the oil and gas sector could lose their jobs over the next three decades as Canada works toward its greenhouse gas emission targets.Jason Franson/The Canadian Press

RBC

  • Net Zero goal: 2050
  • Details: Financed emissions; has “mobilized” $500-billion by 2025; Partnership for Carbon Accounting Standards (PCAF) member
  • Tied to pay? ESG objectives are factored into executive compensation, including climate commitments and the net-zero pledge

BMO

  • NZ goal: 2050
  • Details: Interim targets (2030) for financed emission reduction; has mobilized $300-billion by 2025; PCAF member
  • Tied to pay? Sustainability and ESG performance are factored in. In 2020, the bank added direct links to strategic objectives and sustainability

Scotiabank

  • NZ goal: 2050
  • Details: Has mobilized $100-billion by 2025 to reduce effects of climate change; working on interim targets; PCAF member
  • Tied to pay? Measures, including progress on climate change, to be introduced in 2021

TD Bank

  • NZ goal: 2050
  • Details: Includes operations and financing activities; PCAF member
  • Tied to pay? In 2021, TD added new executive compensation metrics related to overall ESG strategy, including objectives related to climate change. ESG and customer experience objectives will have a combined weighting of 20 per cent

CIBC

  • NZ goal: “Carbon neutral” by 2024
  • Details: Mobilizing $150-billion for environmental and sustainable finance initiatives by 2027; PCAF member
  • Tied to pay? ESG measures are part of executive goals and performance, and ESG priorities factor into compensation for most employees at all levels

Air Canada

  • NZ goal: 2030 absolute targets of 20 per cent GHG net reductions from flights, plus 30 per cent from ground operations (2019 baseline)
  • Details: $50-million for sustainable aviation fuel, plus carbon reductions and removals
  • Tied to pay? Details to come soon

Canada Goose

  • NZ goal: Carbon neutrality by 2025
  • Details: Includes scope 1 and 2 emissions
  • Tied to pay? Not directly, but executives and board must ensure all areas of the business are working toward carbon neutrality

Cenovus Energy

  • NZ target: 2050
  • Details: Will require focus on technology beyond those that are commercial and economic today. Identifying opportunities to participate in longer-term solutions to address emissions in collaboration with peers, academics, other industries and entrepreneurs.
  • Tied to pay? Performance agreements for senior executives contain ESG-related goals and objectives, with achievement factored into discretionary compensation

Enbridge Inc.

  • NZ target: 2050
  • Details: Includes scope 1 and 2 emissions; target for in-house emission reduction of 30 per cent to 35 per cent by 2030 (2018 baseline)
  • Tied to pay? Compensation is linked to hitting ESG targets set out in annual scorecards. All employees can also benefit from ESG programs

Stantec Inc.

  • NZ target: 2030
  • Details: Includes scope 1, 2 and 3 emissions
  • Tied to pay? Yes, including the goal of hitting carbon neutral by 2022

Blackberry

  • NZ target: Carbon neutral by 2021
  • Details: includes scope 1, 2 and 3 emissions
  • Tied to pay? Does not specify

Telus

  • NZ target: Carbon neutral by 2030
  • Details: Expand the scope of measurement for scope 1 and 2 GHG emissions for new acquisitions as they arise
  • Tied to pay? Links sustainability performance to compensation for all team members through corporate scorecards (including metrics that measure GHG reductions), affecting the performance bonus structure company-wide.

Kirkland Lake Gold

  • NZ target: 2050
  • Details: focusing on scope 1 and 2 emissions; investing $75-million a year for five years in tech and innovation to reduce carbon footprint via alternative fuel and energy sources
  • Tied to pay? 5 per cent of executive pay incentives are ESG-based

Indigo Books and Music

  • NZ target: 2035
  • Details: Full net-zero baseline and annual targets coming in October, 2021
  • Tied to pay? Not directly. Sustainability is a priority inside the company’s strategic plan, and executives are accountable for performance indicators tied to priorities

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