The “risks and opportunities” phrase is used in many of the international standards around climate-related risks. The government would intend to develop a report that's suitable to the federal government and the federal public administration to match the best practices that are seen internationally.
You'll note that in the most recent budget, the government has committed to adopting the Task Force on Climate-related Financial Disclosures for large Crown corporations by 2022 and for smaller Crown corporations by 2024. This measure complements the existing commitments.