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HomeMy WebLinkAbout2024_County of Newell Response to the CSSB Media Release 183037 RR145 (Box 130), Brooks, AB T1R 1B2 Check us out on social media Phone: 403-362-3266 Fax: 888-361-7921 Email: administration@newellmail.ca Web: www.countyofnewell.ab.ca Media Release For Immediate release May 24 , 2024 Response to the Canadian Sustainability Standards Board (CSSB) Proposed Canadian Sustainability Disclosure Standards County of Newell – The County of Newell has officially submitted a detailed response to the Canadian Sustainability Standards Board (CSSB) regarding the proposed Canadian Sustainability Disclosure Standards (CSDSs). The County is urging the CSSB to extend the consultation period and consider significant amendments to the proposed standards to prevent adverse impacts on small rural businesses and municipalities. The CSDSs aim to set a new benchmark for Canadian businesses, requiring them to disclose their exposure to climate- related risks and their carbon footprint in financial statements. While the standards seek to align with global initiatives and meet investor demands for greater transparency, the County of Newell argues that the rush to implement these standards could lead to impractical challenges, particularly for smaller entities. Key Concerns: Overstated Urgency: The County believes the urgency in addressing climate-related risks is overstated and could mislead stakeholders, and the proposed timelines for adopting these standards do not allow for adequate preparation. Unnecessary Regulatory Burden: The County contends that the proposed standards could impose an undue regulatory burden on businesses, particularly those in rural areas, without clear evidence of tangible benefits to stakeholders. Potential Competitive Disadvantages: The requirements for sustainability disclosures could potentially place Canadian businesses at a disadvantage compared to their international counterparts, particularly the United States, who may not be subject to similar disclosures. Administrative and Financial Strain: The additional administrative workload and associated costs will divert resources from essential services and economic development initiatives, which are the backbone of rural communities. The County of Newell strongly recommends that sustainability disclosures remain voluntary and that significant modifications are made to the proposed standards to accommodate the unique challenges faced by municipalities and rural businesses. Moreover, the County requests a formal exemption for municipalities from the CSDSs, recognizing their primary role in providing services rather than generating profit. 183037 RR145 (Box 130), Brooks, AB T1R 1B2 Check us out on social media Phone: 403-362-3266 Fax: 888-361-7921 Email: administration@newellmail.ca Web: www.countyofnewell.ab.ca The County encourages other organizations, businesses, and stakeholders to review the proposed Canadian Sustainability Disclosure Standards and submit their responses to the CSSB. Public feedback is crucial in ensuring that the standards reflect practical realities and do not impose disproportionate burdens on smaller entities. Further resources to aid in understanding of the issues at hand can be found at: • CSDS RMA Member Toolkit • CSSB Briefing Notes • Official Letter from the County to the CSSB For more information, please contact: Matt Fenske Chief Administrative Officer 403-794-2334 fenskem@newellmail.ca