Environmental, Social and Governance
Learn about our ESG commitments
ENVIRONMENT
As a Canadian Crown corporation, we recognize the importance of being a leader around excellence in business practices. At CDEV, sound environmental, social and governance (“ESG”) practices are integral in creating long-term value for Canadians.
To emphasize environmental accountability, we release an annual Taskforce on Climate-Related Financial Disclosures (“TCFD”) report, demonstrating our ambition in addressing climate-related risks and opportunities, both at the corporate level and within its subsidiaries. To learn more, click on the following links:
CDEV 2022 TCFD Report
CDEV 2023 TCFD Report
These reports outline how CDEV assesses climate change materiality to identify, assess, and prioritize its climate-related risks and opportunities. It is also a step towards a climate change strategy that identifies opportunities for CDEV to improve the integration of climate change in our business model.
INDIGENOUS ECONOMIC RECONCILIATION
CDEV acknowledges that, as a federal Crown corporation, it exercises a mandate across Canada, which is home to many diverse First Nations, Inuit, and Métis Peoples. CDEV operates across our country on unceded Indigenous territories with long and rich traditions. We are committed to reconciliation with Indigenous Peoples and encourage our employees and directors, and all Canadians, to play a role in learning, understanding, and respecting their history, culture, and contributions to this land called Canada.
CDEV has been heavily involved, leading perspectives pertaining to indigenous economic participation and access to capital considerations in several key situations.
As part of the monetization of Ridley Terminals Inc. in 2019, CDEV helped structure a first-of-its-kind transfer of a 10% equity stake to local First Nations. The delivery of the federal $10-billion Indigenous Loan Guarantee Program through CDEV subsidiary, Canada Indigenous Loan Guarantee Corporation, and the Indigenous economic participation in Trans Mountain Corporation are complex, critical transactions that CDEV is currently working on. These two projects are at the centre of Canada’s Indigenous economic reconciliation at a national scale.
CDEV is committed to leveraging its experience structuring economic participations, so it plays a key role in future reconciliation-related commercial initiatives aligned with the priorities of the Government of Canada.
Trans Mountain Corporation (TMC)
As a natural resource-extracting Crown corporation, the responsibilities of environmental and social impacts are an intrinsic element of TMC’s past, present and future. Its commitment to global sustainability and regional biodiversity, as well as ethical hiring and management practices, is apparent. TMC releases annual ESG reports, which can be found on its website.
Canada Hibernia Holding Corporation (CHHC)
As an off-shore production platform located in the waters of Newfoundland and Labrador, environmental responsibility and stewardship principles are integral to Hibernia’s operation. These foundational principles are at the forefront of the actions and initiatives of its operator: Hibernia Management and Development Company Ltd.
At every point of production, safety is duly considered. CHHC management participates in the various Hibernia Management & Development Company committees which have collective oversight over the Hibernia operation. This includes CHHC management’s attendance at all HMDC management committee meetings and meetings of the Hibernia Safety, Security, Health and Environmental Committee.
Canada Enterprise Emergency Funding Corporation (CEEFC)
ESG is integral to CEEFC’s role as overseer of the Large Employer Emergency Funding Facility (LEEFF). CEEFC mandated objectives are grounded in public policy priorities, with a focus on supporting Canadian businesses and jobs. CEEFC is overseen by a highly-qualified, diverse and independent board of directors that adheres to strict standards of governance. We have also achieved significant gender diversity on the CEEFC board.
On the environmental front, CEEFC requires that LEEFF borrowers publish an annual climate risk report using the TCFD framework. Additionally, CEEFC’s climate risks will be incorporated into CDEV’s TCFD reporting.