Investors for Paris Compliance, a shareholder advocacy group that monitors corporate climate commitments, has filed a formal greenwashing complaint with Alberta’s securities regulator alleging that Cenovus Inc. (TSX: CVE) and Enbridge Inc. (TSX: ENB) have misled investors through environmental disclosures. The complaint asserts that the two energy-sector leaders—one a major oilsands producer, the other Canada’s largest crude pipeline operator—used net-zero language in ways that were inaccurate, incomplete and likely to give investors a false impression about the companies’ alignment with the energy transition.
In its submission to the Alberta Securities Commission (ASC), the group argues the companies’ disclosures violate the Alberta Securities Act because they contain “long-standing and widespread inaccurate and incomplete disclosure” regarding net-zero commitments. Investors for Paris Compliance says the repeated and prominent use of net-zero terminology created the impression that Cenovus and Enbridge have business models compatible with a net-zero future, while in practice both companies continue to pursue fossil fuel expansion plans that are inconsistent with that narrative.
The complaint explains why the group chose to pursue the matter through the ASC rather than exclusively through the federal Competition Tribunal under Canada’s newer anti-greenwashing provisions. While the Competition Act changes allow private parties to bring greenwashing complaints, Investors for Paris Compliance said it turned to securities regulators because investors “have a strong interest in the credible and timely enforcement of securities law.” The group also stresses that amendments to the Competition Act do not replace securities regulators’ responsibilities, and it points to guidance from the Canadian Securities Administrators stating that environmental disclosures should meet the same rigor as financial reporting.
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The recent Competition Act changes do allow private parties—including environmental and shareholder groups—to bring enforcement actions. Still, Investors for Paris Compliance says enforcement should not rest primarily on private citizens or voluntary organizations. “We don’t believe the burden for enforcement for these kinds of complaints should be on private citizens and private groups,” said Michael Sambasivam, the group’s senior analyst.
The group specifically targeted Cenovus and Enbridge to represent two distinct parts of the energy value chain: Cenovus as a producer of fossil fuels and Enbridge as a major transporter. Sambasivam said both companies demonstrated what the group sees as some of the most consistent and significant departures from Canadian securities disclosure principles in the examples they reviewed.
After the Competition Bureau introduced its anti-greenwashing provisions, Cenovus removed certain net-zero statements from its website. The complaint argues that leaving investors unsure whether those commitments remain in force amounts to incomplete disclosure, which the Alberta Securities Act prohibits. The filing also highlights public lobbying by executives that appears to contradict corporate climate statements. Senior leaders from both companies signed an open letter this spring urging the incoming prime minister to reconsider federal greenhouse gas policies, including a call to remove a cap on emissions and an industrial carbon levy—actions the complaint says undercut public net-zero claims.
Enbridge responded to the complaint by reaffirming its operational commitments in a written statement. The company says it remains committed to achieving net-zero emissions from its operations by 2050 while continuing to deliver the energy its customers rely on. Enbridge noted progress in reducing operational emissions through efficiency measures, less carbon-intensive electricity purchases and investments in renewable energy, and said it stands behind the accuracy and transparency of its published reports and communications.
Investors for Paris Compliance also challenges the focus of some net-zero reporting. The group argues that credible net-zero claims must account not only for emissions from a company’s own operations but also for emissions that result from the end use of the fossil fuels the company produces or ships. That distinction is central to the complaint’s claim that current disclosures are incomplete.
Cenovus did not respond to a request for comment on the filing.
The group is asking the ASC to open a thorough investigation into both current and historical climate-related disclosures from Cenovus and Enbridge, to evaluate whether those statements were accurate, complete and adequately described material risks and assumptions. Investors for Paris Compliance also urged the ASC to coordinate with other provincial securities regulators to develop clear guidance for net-zero claims by publicly listed Canadian companies, so that investors receive consistent, transparent and reliable information across the market.
A spokeswoman for the Alberta Securities Commission said the ASC and its provincial counterparts have already provided guidance and resources to help companies prepare climate-related disclosures that meet materiality and accuracy standards and to avoid language that could be considered greenwashing. She declined to comment on the specifics of any review or ongoing complaints.
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