CSA's Climate Disclosure Rule On Hold: An Update On Climate Disclosure In Canada And The U.S.

On April 23, 2025, the Canadian Securities Administrators (CSA) announced that it has paused its efforts to develop a new mandatory climate-related disclosure rule for Canadian issuers.

The CSA's decision comes shortly after the U.S. Securities and Exchange Commission (SEC) withdrew its defense of its own climate disclosure rules, adding further uncertainty to the sustainability disclosure landscape across North America. Against this backdrop, the CSA has decided to monitor developments both domestically and internationally before finalizing its climate-related disclosure requirements.

What you need to know

• CSA pauses climate disclosure rule. The CSA has paused its efforts to finalize a mandatory climate change disclosure rule for Canadian issuers, citing recent developments in the U.S. and globally. The CSA will monitor developments and may revisit the project in the future.