Greenwashing complaint with securities watchdog against Group Files Nabridge, Senovas

A shareholder advocacy group has filed a greenwashing complaint with Alberta’s Securities Watchdog, in which Cenovas Inc., one of the largest Canadian oils, and N Grievous Inc., the country’s largest crude pipeline operator has misleading investors in its environmental manifestations.

Investors for Paris compliance, which attempts to hold publicly business companies accountable to their climate commitments, argue that the companies have “long-and-zero commitments” with the Alberta Securities Act “long and widely incorrect and incomplete and” with “net-zero commitments”.

“In its communication by using a large-scale net-geo vocabulary, Senovus and Nabridge have inspired proper investors and the public to assume that their business models are aligned with net-zero energy infections, which is actually threatened by their existing business and fossil fuel expansion plans,” the group said to their submission to Alberta securities.

It said that it opted for ASC to make a complaint instead of the Federal Competition Tribunal under the new Anti-Greenwashing Rules as “Investors have a trusted and a strong interest in timing enforcement.”

It says that nothing in the amendment of the competition act, which has become law last year, also motivates the obligations of securities regulators to crack down on greenwashing. It cites guidance from Canadian Securities Administrators, a National Umbrella Group, which states that environmental revelations should be subject to similar standards as financial reporting.

Under the change in the Competition Act, private parties, including environmental groups, can now start complaints directly.

But for Paris compliance, senior analyst of investors Michael Sambasivam said that it should not be necessary.

“We do not believe that the burden for enforcement to such complaints should be on private citizens and private groups.”

He said that his group raised zero on both companies to capture two separate sections of energy business – Senovas produces raw products, while the enbridge transports it. Sambasivam said that both of them “revealed the revelations of the company” some of the most frequent major violations of the Canadian safety principles.

After the Anti-Greenwashing provisions of the competition bureau came into effect, the Senovas was among the Oilsands companies to draw its net-zero statements from its website. The complaint said whether the company has abandoned those commitments, it is uncertain that “the Alberta Securities Act is a form of incomplete disclosure.”

Cited public lobbying

Complaint also focuses on public advocacy that it opposed climate commitments.

Top officials of both companies were among the signs for an open letter from oil and gas industry, who were up to the newly elected Prime Minister Mark Karney in this spring, among other things, Ottawa urged Ottawa to scrap his hat on greenhouse gas emissions and industrial carbon levy.

Spokesperson Jesse Semco said in an email statement that Nabridge is committed to obtain pure zero emissions from its operations by 2050, while at the same time rely on those who give energy.

He said that the company has invested in procurement and renewal of low carbon-intensive power, through better efficiency than the base line of 2018 than 22 percent from its operation.

“We are also committed to accuracy and transparency – and we stand behind the information shared in our report and communication.”

Investors argue for Paris compliance that the emissions and sent from the final use of the fossil fuel produced should be taken into account in net zero reporting, not only from operation.

Cenovas did not respond to the remarks request.

The group is asking the ASC to assess their accuracy and adequacy to check the current and previous climate revelations from the ASC. The investigation should consider evidence from peers and contestants, it said.

It also wants ASC Canadian to work with other provincial securities regulators on guidance to net zero claims for publicly listed companies.

A spokesperson of the Commission says that the IT and its counterparts have given guidance and resources to the companies to help them prepare revelations of physical climatic risks, as well as to avoid a language that can be considered greenwashing.

He said that it does not comment on complaints reviews.