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NATL61_040-047 03/08/2007 09:48 AM Page 41 Annie Carpentier Feature Chief Counsel, Alcan Primary Metal Group The rapid succession of governments in the past half-decade-from Chrétien to Martin to Harper has made it difficult for most corporations to anticipate what will be expected from them in response to climate change and other envi- ronmental concerns. In such an ambiguous regulatory environment, what should corporate Ron Ezekiel counsel be doing to help companies prepare? Partner in the Environmental, Energy and Resources Practice Group, Fasken Martineau DuMoulin LLP to align the firm with the new laws? What’s at stake if your cor- consultation processes, so they can offer input and understand poration falls behind in its preparations for compliance? where the government is heading. “Those questions are excellent when you’ve got clear policy,” says Ezekiel. “But we don’t. Not only have the goalposts been Going green creates opportunities moving for the last five years, now the goalposts under the new Gray Taylor, a partner with Bennett Jones in Toronto, points out Clean Air Act are 50,000-foot goalposts.They don’t say how the that in the context of climate change, emissions may also offer government is going to regulate industry; they just say govern- opportunities.“Think not only of the bad things that can hap- ment intends to regulate industry. But we knew that already.” pen to your company, but also about the good things your com- That leaves entire sectors,especially those with heavy emissions, pany might be able to participate in. Because climate change trying to imagine all the different regulations that might issue from regulations are going to create lots and lots of opportunities in the Clean Air Act over the next few years.They are also working areas that aren’t regulated.” on their options for achieving compliance in any of those poten- But is there no value at all to being proactive about going tial scenarios. “But there’s not a lot of compliance work under- green? After all, investors are increasingly aware of the potential way,” says Ezekiel.“There’s nothing to comply with.” for climate change to have a major impact on the profitability of For now, companies can focus on understanding their emissions companies in which they invest. Companies that take early and identifying where the costs of reducing emissions is lowest, he action to curb emissions and green their operations will be at the adds.“It’s about getting their house in order around being able to front of the pack when regulations take effect. So isn’t acting track this information and developing options for management.” now good for business? ROBERT KARPA ior management about the potential risks. Also, companies with something concrete, you may well be heading in the wrong Not necessarily, say both Taylor and Ezekiel.“If you try to do That might involve educating the board of directors and sen- large emissions inventories are well advised to participate in any direction and worse, you could be hurting yourself,” says Taylor. MARS 2007 CCCA Canadian Corporate Counsel Association 41