Canada Development Investment Corporation: CDEV releases its 2023 Taskforce on Climate-Related Financial Disclosures (TCFD) report

CDEV releases its 2023 Taskforce on Climate-Related Financial Disclosures (TCFD) report

Through this TCFD report, CDEV shares its strategy, progress, and ambition in addressing climate-related risks and opportunities – both at the corporate level and within its subsidiaries.

"As a federal Crown corporation whose mandate includes managing critical assets for the Government of Canada, we take our mission to act in the best interest of Canada seriously and we recognize that climate change is a reality of our business, presenting a spectrum of risks and opportunities for our stakeholders, including our employees, subsidiaries, business partners, as well as the broader Canadian community," says CDEV Board Chair, Steve Swaffield. 

This report outlines how CDEV conducted a climate change materiality assessment to identify, assess, and prioritize its climate-related risks and opportunities. It is also a further step for CDEV to deepen its understanding of its climate-related risks and opportunities by committing to conducting qualitative scenario analysis and improving the integration of climate change in its business model.

The report also highlights CDEV's role in launching the Canada Growth Fund, a $15-billion arm's length public investment vehicle that help attract private capital to build Canada's clean economy. While CGF has not had one full year of investment activity yet, it is expected to play an important role in helping transform and grow Canada's economy at speed and scale on the path to net-zero.

"We are proud of the work that our subsidiaries have undertaken to set exemplary environmental, social and governance (ESG) standards. Moving forward, we at CDEV will continue to deepen our work to provide robust climate-related financial reporting aligned with the TCFD recommendations over time and want to thank all our employees, subsidiaries, and business partners for helping us deliver our mandate successfully in the most reasonable and sustainable way possible," says President and CEO, Elizabeth Wademan.

Read CDEV's TCFD report here

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