Standards Council of Canada & World Council on City Data Collaborate on a New ISO Standard Focusing on ESG Indicators for Cities
April 14, 2023
Toronto, Ontario
On a global scale, Environmental, Social and
Governance (ESG) principles are at the core of the discussion on responsible
investment. One of the significant stakeholders in ESG-driven investments
across Canada and globally are cities. Municipal leaders nationwide (and
globally) recognize the importance of high-calibre data to support and validate
the ESG-focused commitments made through their debenture programs with their
investors. Similarly, the investment community is searching for standardized
criteria and trusted measurement platforms to make investment decisions and
monitor the year-over-year impacts of these investments. A new, Canadian-led
ISO standard – ISO 37125: Environmental, Social and Governance Indicators
for Cities – is emerging as a solution to this challenge.
"From our conversations with city
leaders, it has become clear that a standardized set of ESG-focussed key
performance indicators (KPIs) are needed to meet the demand by cities to
embrace ESG-focussed financial instruments. Specifically, these city leaders
require high-calibre KPIs to respond to ESG compliance criteria set by
institutional investors," states World Council on City Data (WCCD) President
and CEO Dr. Patricia McCarney. "From experience in leading the design of
the ISO 37120 Series, ISO standardization emerged as a natural tool to overcome
that challenge. Through the leadership of partners like SCC and forward-thinking
municipalities like the City of Toronto, ISO 37125 will help cities obtain
ESG-focused investment as a clear path towards a more sustainable, inclusive
and resilient future."
Following the
successful collaboration that resulted in the development of the ISO 37120
Series, the Standards Council
of Canada (SCC) and the WCCD have partnered to
contribute to the development of ISO 37125. The results of this months-long
consultation process will bolster the ongoing work of the Canadian Mirror
Committee of ISO/TC 268, which is leading the development of this standard.
"Standardization
offers immense value in helping public and private sectors establish ESG
frameworks to build a more sustainable future," says Chantal Guay, CEO of
SCC. "We are committed to advancing solutions for ESG-driven investment
and are proud of our partnership with WCCD, which under its CEO, Dr. Patricia
McCarney, created measurable change on a global scale. Together, we will
continue to leverage Canada's leadership to collaborate with additional
partners in the private sector and across all levels of government."
Convening discussions with municipal
and private sector investment leaders across Canada as part of the WCCD-SCC
collaboration, one of the most vocal champions of ISO 37125 is the City of
Toronto's Chief Financial Officer, Heather Taylor. "The City of Toronto is
committed to a ten-year capital plan which aligns with ESG principles to secure
a sustainable and resilient future for Toronto residents, businesses and
visitors," states Ms. Taylor. "Our work with the WCCD – and more than
eight years of ISO-standardized city data – is an essential part of our annual
ESG report and has become a critical benchmark for the City's sustainable
debenture program investors. ISO 37125 will be another valuable and informative
resource as we work with investors to secure the capital required to fulfill
Toronto's commitments towards greater sustainability and resiliency."
In a recent
news release, following a ceremony acknowledging the City
of Toronto's eight-year collaborative partnership with the WCCD, Toronto has
become the first city globally to announce its intent to implement ISO 37125
through its partnership with the WCCD.
About the WCCD
The WCCD was founded in 2014 and helps communities of all
sizes worldwide embrace standardized, independently verified and globally
comparable city data to become more sustainable, resilient, prosperous,
inclusive and smart. ISO 37120, ISO 37122, ISO 37123 and the soon-to-be
published ISO 37125, now called the ISO 37120 Series, is a Canadian-led, global
innovation and is being implemented in more than forty countries.
About the SCC
Since 1970, the Standards Council of Canada (SCC) has helped
make life safer, healthier, more prosperous and sustainable for people,
communities and businesses in Canada through the power of standardization. SCC
works with a vast network of partners nationally and around the world, acting
as Canada's voice on standards and accreditation on the international stage,
including as a member of the International Organization for Standardization
(ISO) and International Electrotechnical Commission (IEC). As the country's leading
accreditation organization, SCC creates market confidence at home and abroad by
ensuring conformity assessment bodies meet the highest expectations. In all
these ways, SCC opens a world of possibilities.
For more information, please contact:
Dr. Patricia McCarney
WCCD President & CEO
