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ARTICLE · 07 JANUARY 2026

Alberta Opens The Door To Expanded Safe Harbour Defence For Climate-Related Statements

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Climate-related disclosure remains a focal point in the Canadian capital markets, shaped by investor expectations and global regulatory trends.

CanadaFinance and Banking
Jeff Bakker
Jeff Bakker
Michael Barrett
Michael Barrett
James Faul
James Faul
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Climate-related disclosure remains a focal point in the Canadian capital markets, shaped by investor expectations and global regulatory trends. The latest development in the Canadian climate-related disclosure landscape came on December 12, 2025, when the Government of Alberta passed amendments to the Alberta Securities Act (ASA) put forward by the Alberta Securities Commission (ASC), which, among other things, authorize the Lieutenant Governor in Council to make regulations to expand the safe harbour defence under Alberta securities law in relation to climate-related disclosure.

Background

On April 23, 2025, the Canadian Securities Administrators (CSA) announced that it was pausing the development of a mandatory climate-related disclosure regime in Canada (as detailed in our Blakes Bulletin: Climate and Diversity: CSA Stays Neutral on a Moving Train). In its announcement, the CSA noted that public companies will continue to be subject to the obligation to

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